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PUBLIC DOCUMENT 




Elft Olmmmmm^allly of Haaaarljuaptta 



ANNUAL REPORT 

OP THE 

BUREAU OF LOAN AGENCIES 

FOR THE 

UCENSE YEAR ENDED SEPTEMBER 30, 1952 

DEPARTMENT OF BANKING AND INSURANCE ' 
* Division of Banks and Loan Agencies 

r 

TIMOTHY J. DONOVAN 
Commissioner of Banks 




Publication of This Document Approved iy G-O'^ce T Cronit, Sxaie Purchasing Agent. 
600-6-53-909966 



2 WASc^--- , ^-^-^^ 



§EftS^ttQyi%X)AN AGENCIES 
Room 109C, State House, Boston 

ANNUAL REPORT FOR LICENSE YEAR ENDED 
SEPTEMBER 30, 1952 

(Pursuant to provisions of Section 98 of General Laws (Ter. Ed.) 
Chapter 140) 

To the Honorable Senate and House of Representatives 
of the Commonwealth of Massachusetts: 

During the hcense year beginning October 1, 1951 and ending September 
30, 1952, there were issued a total of two hundred and eleven Hcenses to 
engage in the business of making loans of $300 and less under the supervision 
of this department. Two hundred and six of these licenses represented 
renewals, while five new licenses were issued. Two of the licensed companies 
did no business under their licenses during the license year and three other 
companies operated only for a short time under their licenses. The number 
of recent applications indicates a vigorous and increasing demand for small 
loan hcenses. 

In addition to the licensed agencies, there was one company subject to 
supervision which operates under a special charter. Since this company 
operates in a manner resembling that of a pawn-broker, its operational figures 
are not included in the statistical compilation. However, a statement of the 
financial condition of that company is shown in the exhibits in comphance 
with Chapter 62, Section 2, of the Acts of 1949. 

In the license year just ended 229,259 loans amounting to $45,077,695.99 
were made. These figures represent a decrease of 5,007 in the number of 
loans made and $264,774.86 in the amount of loans made during the last 
previous twelve months period. With respect to the loans made of $100 or 
less which are included in the foregoing figures, the decrease was 1,423 in 
number and $129,581.10 as to amount. On September 30, 1952 there were 
163,936 loans outstanding with a book value of $23,919,422.28. 

Gross income for the period totaled $5,669,457.72 of which $85,687.64 
represented recoveries on loans previously charged off. Operating expenses 
aggregating $4,320,245.88, charge-offs on account of bad debts amounting to 
$223,042.59 and additions of $177,844.18 to valuation reserves covering bad 
debts, combine to make a total of $4,721,132.65 which, deducted from gross 
income, leaves a balance of $948,325.07 representing net earnings before 
deductions of interest paid on borrowed funds. 

Statistics herein indicate a modest but persisting decrease both in the 
number of loans made and in the dollar volume outstanding of loans regulated 
by the Commonwealth. The figures in this report are restricted to such 
regulated loans. However, statistics available in this Bureau reflect a corres- 
ponding increase in the unregulated loans over $300, both in the number of 
loans made and in the dollar volume outstanding. 

Respectfully submitted, 

Martin J. Hanley 
Approved: . Supervisor of ^ Loan Agencies 

Timothy J. Dono.van. /tV' • ^" ' 
Commissioner of Banks 



TABLE OF EXHIBITS 

Exhibit A. Composite Statement of Financial Condition. 

Exhibit B. Composite Statement of Profit and Loss. 

Exhibit C. Analysis of Loans by Size. 

Exhibit D. Analysis of Loans by Types of Security. 

Exhibit E. Small Loans Made for the Last Five Years. 

Exhibit F. Statement of Financial Condition of Collateral 
Loan Company, Boston. 

Exhibit G. List of Licensed Small Loan Agencies. 



4 P.D. 95 

Exhibit A 

Composite Statement of Financial Condition September 30, 1952 



Assets and Liabilities 

206 Licensees 

Assets 

Cash in Office and in Banks 

Loans Receivable of $300 or Less 

Real Estate (Less Reserve for Depreciation — Buildings) . . . . 

Furniture, Fixtures, Equipment and Automobiles (Less Reserve for Depre- 
ciation) 

Deferred Charges 

Organization and Development Expense ....... 

Cost of Financing 

Prepaid Expense on Accounts Purchased 

Other Assets: 

(a) Miscellaneous Accounts Receivable 

(b) Accrued Interest Receivable 

(c) Life Insurance (Cash Surrender Value) 

(d) Investments ........... 

Total Assets ........... 

Liabilities and Capital 

Accounts and Notes Payable: 

(a) Banks 

(b) Due to Parent Company or Affiliates 

(c) Other Short Teim Notes and Accounts 

Bonds .............. 

Other Liabilities: 

(a) Accrued Expenses 

(b) Treasury Certificates 

Valuation Reserves: 

(a) Bad Debts 

(b) Purchased Accounts (Face Value Less Purchase Price) . 

(c) Other Valuation Reserves ......... 

Expense Reserves: 

(a) Taxes 

(b) Other Expense Reserves ......... 

Branch Office Capital (Home Office Control) 

Net Worth (if Individual or Partnership) 

Capital Stock (if Corporation) : 

(a) Preferred 

(b) Common ............ 

Appropriated Surplus or Capital Reserves ....... 

Surplus .............. 

Total Liabilities and Capital ........ 



Licensed Agencies 
206 

$2,110,317.02 
23,919,422.28 
18,377.41 

303,948.51 
213,999.40 
115,714.67 
1,651.21 
5,736.54 

472,278.22 
23,164.05 
6,044.90 
336,811.21 
$27,527,465.42 



$1,293,382.24 
3,232,672.02 
645,439.14 
151,984.84 

68,801.42 
308,737.32 

790,513.45 
8,500.92 
7,070.79 

171,111.30 
4,669.90 
16,869,926.85 
22,127.95 

620,728.43 
1,955,332.49 

137,771.55 
1,238,694.77 
$27,527,465.42 



P.D. 95 



5 



Exhibit B 



Composite Statement of Profit and Loss for License 
Year Ended September 30, 1952 



206 Licensees 

Gross Income Derived from Small Loan Business 

Charges on Loans of $300 or Less . . . . . 

Collections on Accounts Previously Charged off . 

Other Income ......... 



Total Gross Income Derived from Small Loan Business 



Expenses of Conducting Small Loan Business 
in Massachusetts 



Advertising . 

Auditing ........... 

Bad Debts: 

(a) Charged Off 

(b) Addition to Reserve for Bad Debts ..... 
Depreciation of Furniture, Fixtures, Equipment and 

Automobiles .......... 

Insurance and Fidelity Bonds ....... 

Legal Fees and Disbursements ....... 

License Fees .......... 

Postage and Express ......... 

Printing, Stationery and Supplies ...... 

Recording and Acknowledging Fees (when Paid by Lice-i-:ee) 

Rent, Light, Heat and Janitor Service 

Salaries 

Taxes (Excluding Federal and State Taxes on Income) : 

(a) Federal Social Security Taxes ...... 

(b) State and Local Taxes ....... 

Telephone and Telegraph . 

Travel, Automobile Expenses and Allowances .... 
Other Expenses of Conducting Small Loan Business: 

(a) Bookkeeping and Corporation Services .... 

(b) Dues and Subscriptions ....... 

(c) Credit Reports 

(d) Pension Fund Contribution ...... 

(e) Sundry 



Home Office Expenses 
Allocated to Branches in Massachusetts 



ind 



.Advertising . 

Auditing 

Bad Debts: 

(a) Charged Off 

(b) Addition to Reserve for Bad Debts . 
Depreciation of Furniture, Fixtures, Equipment 

Automobiles 
Insurance and Fidelity Bonds 
Legal Fees and Disbursements 
License Fees 
Postage and Express , 
Printing, Stationery and Supplie 
Recording and Acknowledging Fees (when Paid by Licensee) 
Rent, Light, Heat and Janitor Service 
Salaries ...... 



Taxes (Excluding Federal and State Taxes on Income) 

(a) Federal Witholding Taxes 

(b) Federal Social Security Taxes 

(c) All Other State and Local Taxes . 
Telephone and Telegraph .... 
Travel, Automobile Expenses and Allowances 

Other Expenses: 



ii 



(a) 
(b) 
(c) 
(d) 
(e) 
(f) 



Bookkeeping and Corporation Services 
Dues and Subscriptions . 

Credit Reports 

Pension Fund Contribution . 
Supervision and Administration 
Sundry ...... 



Total Expenses Before Income Taxes 
ederal Taxes on Income . 
State Taxes on Income 



Total Expenses after Income Taxes . 
Net Earnings after Income Taxes 



$5,581,557.28 
85,687.64 
2,212.80 



$351,665.35 
17.954.58 



223,042.59 
173,847.00 

31,755.16 
13,644.37 
55,769.83 
34,738.27 
59,788.93 
49,421.20 
6,397.44 
236,379.51 
,573,434.19 

41,877.46 
43,464.89 
151,103.51 
119,767.76 

38,730.34 
23,107.22 
25,989.52 
37,409.79 
138,984.13 



$78,157.09 
32,216.87 



3,997.18 

4,300.37 
18,899.87 
55,665.05 
277.85 
2,073.80 
28,615.»8 
407.58 
21,047.35 
167,500.98 



2,301.12 
11,813.08 
546.82 

3,888.68 
27,709.53 



20,134.02 
1,508.66 
2,700.96 
11,639.65 
77,454.45 
22.534.16 



620,585.51 
56,883.00 



$5,669,457.72 



$3,448,273.04 



$595,391.10 

$4,043,664.14 

677,468.51 

$4,721,132.65 
$948,325.07 



6 



P.D. 95 



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Statement op Financial Condition of Collateral Loan Company, 



P.D. 95 "1- 7 
Exhibit F 

Statement op Financial Condition of Collateral Loan Company, 
Boston, as of October 31, 1952 

Assets 

Cash $51,602.79 

Loans Outstanding 1,303,957.80 

Merchandise Owned ............ 6,017.50 

Treasury Stock 522,478.28 

Real Estate Less Depreciation 98,863.46 

Total Assets $1,982,919.83 

Liabilities and Capital 

Borrowers' Surplus $4,556.94 

Suspense Account 2,725.79 

Reserves : 

(a) Taxes 68.60 

(b) Contigencies 26,329.12 

Notes Payable 50,000.00 

Capital Stock 1,500,000.00 

Accounts Payable 7.80 

Surplus 399,231.58 



Total Liabilities $1,982,919.83 



8 

Exhibit G 



P.D. 95 



Licensed Small Loan Agencies 



Following is a list of those engaged in the business of making small loans in 
the cities and towns in Massachusetts and licensed for the year ending September 
30, 1953: 

Boston 



*1 

5 
15 

16 
20 
22 
37 
43 

47 
49 
53 
57 



82 
83 
89 
92 
93 
97 
102 
106 
111 
117 
126 

129 
1-12 
143 

145 
149 
176 
184 
192 
193 
200 
202 
204 

206 
214 
216 
218 

223 
238 
239 



Name 

Collateral Loan Company 75 

Nestor-Hall Company 7 

Northeast Finance Corporation 1601 

Household Finance Corporation 80 

Practical Bankers, Inc. 48 

Personal Finance Company 77 

Capital Finance Corporation 148 
Family Loan Corporation of Massachusetts 1457 

Savoy Finance Co. 230 

Household Finance Corporation 175 

Charles S. Beatty Company 7 

Personal Finance Company 80 

Personal Finance Company 761 

Household Finance Corporation 294 

Public Loan Company 333 

Commercial Credit Plan Incorporated 19 
Family Loan Corporation of Massachusetts 295 

Goodmans Finance Co. 44 

H. B. Budding Company 80 

Beacon Loan Co. 387 

Public Loan Company 171 

Public Loan Company 145 

Personal Finance Company 5 

State Loan Co. Inc. 584 

International Finance Company IS 

Globe Plan, Inc. 31 

Household Finance Corporation 598 

State Loan Co. 619 
Family Loan Corporation of Massachusetts 161 

Local Finance Company 79 

Public Loan Company 1243 

Firemen's Finance Company Inc. 294 

Local Finance Company of Boston 453 

Public Loan Company 31 

Household Finance Corporation 59 

Personal Finance Company 47 

American Discount Corporation 462 
Auto Owners Finance Company, Incorporated 20 

Public Loan Company 10 

Public Loan Company 17 



Household Finance Corporation 

Coleman Finance Co. 

Workingmen's Loan Association, Inc. 



Andover Finance Company 



110 

18 



Address 
Cornhill 
Water St. 
Blue Hill Ave., 

Mattapan 
Boylston St. 
Summer St. 
Summer St. 
State St. 
Dorchester Ave., 

Dorchester 
Boylston St. 
Tremont St. 
Water St. 
Boylston St. 
Dudley St., 

Dorchester 
Washington St. 
Washington St. 
Deerfield St. 
Washington St. 
School St. 
Boylston St. 
Washington St. 
Tremont St. 
Tremont St. 
Bromfield St. 
Columbia Rd., 

Dorchester 
Tremont St. 
St. Jarnes Ave. 
Columbia Rd., 

Dorchester 
Washington St. 
Massachusetts Ave. 
Milk St. 

River St., Hyde Park 
Washington St. 
Washington St. 
St. James Ave. 
Temple Place 
Poplar St., 

Roslindale 
Boylston St. 
Columbus Ave. 
Post Office Square 
Poplar St. 

Roslindale 
Tremont St. 
Tremont St. 
Winter St. 



Agent 
Bruce F. Coburn 
Allis S. Olsen 
Charles J. Ahearn 

John J. Cameron 
Michael E. Sands 
Francis T. Glynn 
Herbert S. Robbins 
Daniel J. Sullivan 

Mario Caliri 
William E. Norton 
Sylvia E. Clifford 
Rolf F. Olson 
Sumner T. Urann 

Wilfred L. Grant 
Leroy E. Crawford 
Benjamin G. Proctor 
William S. Fox 
Leslie J. Weinberg 
Herbert B. Budding 
Arthur E. Jasmin 
Raymond L. Hill 
Robert J. MoUica 
George F. Crowley 
A. Gordon Howie 

Leo E. Bon 

William P. Morrissey 

Dennis J. Doherty 

Herbert B. Budding, Jr. 
G. P. Biagotti 
Helen J. Cassidy 
Harry P. Johnstone, Jr. 
John F. Looney 
RoJand P. Pigeon 
Hugh J. O'Neill 
John N. McFadden 
Roger Mason 

James T. Lyons 
Sidney H. Wylie 
Joseph J. Carney 
Joseph A. Crowley 

A. J. Homicz 
Louis Schwartz 
Leslie D, Carroll 



Andover 



Musgrove Bldg. 
Elm Square 



162 Public Loan Company 



130 Public Loan Company 



181 Personal Finance Company 



Athol 

415 Main St. 

Attleboro 

8 North Main St. 

Beverly 

222 Cabot St. 



84 Commercial Credit Plan Incorporated 

87 Local Finance Company of Brockton 

104 Public Loan Company 

133 Personal Finance Company 

190 Time Finance Corporation of Brockton 

194 Household Finance Corporation 



Brockton 
37 
231 
142 
196 
47 
172 



Belmont St. 
Main St. 
Main St. 
Main St. 
West Elm St. 
Main St. 



141 Household Finance Corporation 

144 W. J. Foley, Inc. 

160 Personal Finance Company 

300 Bankers Commercial Corporation 



Brookline 

286 Harvard St. 
1292 Beacon St. 
269 Harvard St. 
39 Winthrop Rd. 



Arthur Heifetz 



Francis J. Colby 



James Todaro 



Leo R. Hansbury 



Raymond D. Marstin 
Lincoln A. Shaw 
Ralph L. Duvall 
John D. Frates 
Paul R. Selfridge 
Wilford W. d'Entremont 



James T. Bailey, Jr. 
Eugene O. Foley 
Edward Hamilton, Jr. 
Webster A. Kefauver 



P.D. 95 



Name 



Household Finance Corporation 
Personal Finance Company 
Workingraen's Loan Association, Inc. 
Public Loan Company 



Personal Finance Company 
Wachusett Finance Corp. 
Easthampton Finance Co. 



Personal Finance Company 
Everett Finance Corporation 



Central Finance Co. of Fall River, In 

Liberty Loan and Realty Co. Inc. 

B & M Loan Inc. 

Household Finance Corporation 

Personal Finance Company 

Luzo Corporation of America 

Fall River Finance Company 

Commercial Credit Plan Incorporated 

Cascade Finance Company 

Local Finance Company of Fall River 

Eagle Finance Company 



Personal Finance Company 
Household Finance Corporation 
M-A-C Finance Plan, Inc. of Fitchburg 
Fitchburg Finance Corporation 



Address 

Cambridge 

678 Massachusetts Ave. 
519 Massachusetts Ave. 
552 Massachusetts Ave. 
2 Central Square 



Chelsea 

429 Broadway 

Clinton 

70 High St. 

Easthampton 

59 Union St. 

Everett 

433 Broadway 



16 Beacham St. 



Fall River 



10 
204 
210 
13 
27 
26 
130 
51 
391 
7 

150 



Bedford St. 
Thomas St. 
Thomas St. 
Borden St. 
S. Main St. 
Rodman St. 
S. Main St. 
Franklin St. 
S. Main St. 
North Main St. 
Second St. 



Fitchburg 

446 Main St. 
455 Main St. 
280 Main St. 
759 Main St. 



Framingham 

Public Loan Company 24 Union Ave. 

Personal Finance Company 1^29 Concord St. 

General Finance Corporation of Framingham 129A Concord St. 



Franklin Loan Co. Inc. 



Public Loan Company 



Franklin 

32A Main St. 



Gardner 



Corner Pleasant 
Parker Sts. 



Agent 



Charles W. Munroe 
William H. Coss 
Thomas A. Carey 
William W. Hallahan 



Joseph W. Downes 
Thomas J. Monahan 
Harry J. Frazier 



John Katsaros 
Lawrence E. D'enning 



Shelton J. Wrath 
L. Alfred Ren.iud 
Wilfred J. Poirier 
Walter J. Hicks 
Edmund D. Carrigan 
Ernest C. Ladeira 
Frederic R. Mayo 
John L. Duclos 
John E. O'Connor 
Edward F. Smith 
Lena M. Solotist 



James J. Egan, Jr. 
\'ernon C. Warren 
William J. Leonard 
Lester H. Rome 



Reginald H. Bushnell 
Robert A. Boyce 
James T. Flaherty 



William F. Carberry 
H. P. McWalter 



Public Loan Company 



Pioneer Credit Corporation 
Community Credit Corporation 



Personal Finance Company 
Guaranty Loan Plan of Greenfield 



105 Personal Finance Company 

120 Public Loan Company 

186 New England Finance Corporation 



40 Personal Finance Company 
175 Public Loan Company 
215 Holyoke Finance Corp. 



Personal Finance Company 



Gloucester 

1445^ Main St. 

Great Barrington 

333 Main St. 
312 Main St. 

Greenfield 

239 Main St. 
278 Main St. 

Haverhill 

54 Merrimack 



191 
21 



St. 

Merrimack St. 
Merrimack St. 



Holyoke 

560 Dwight St. 
380 High St. 
380 High St. 

Hyannis 

428 Main St. 

Lawrence 



Signet Discount Co. 499 Essex St. 

Local Loan & Finance Co. Inc. 23 Newbury St. 

Public Loan Company 301 Essex St. 

Broadway Loan Co. Inc. of Lawrence 43 Broadway 

Personal Finance Company 27 Amesbury St. 

Industrial Credit Corporation of Lawrence 477 Essex St. 



Roy A. Nason 



James F. Watson 
C. Robert Rau 



Frank T. Deery 
John W. MuUins, Jr. 



Joseph A. Kennedy 
Frank E. Buco 
Henry T. Martin 



Marshall A. Hart 
Michael J. Clifford 
Elliott Potter 



Robert B. Baker 



Irving G. Sigilman 
Anthony Giordano 
Andrew L. Buco 
Sam Jensky 
George E. Holdsworth 
Joseph E. Nolet 



10 



Name 



58 
148 
155 



14 

55 
101 
172 
179 



19 
29 
41 
80 
122 
154 
168 
198 
230 



103 
107 
152 
227 



171 



31 



110 
140 
207 



7 
26 
44 
46 

90 
100 
226 
233 



201 



42 
45 
151 



54 
121 



35 
113 
217 



Wachusett Finance Corp. 
Personal Finance Company 
Leominster Finance Corporation 



Public Loan Company 
Personal Finance Company 
Advance Finance Company 
Household Finance Corporation 
Workingmen's Loan Association, Inc. 
Industrial Credit Corporation of New 
England 



Public Loan Company 
Essex Loan Trust 

United Insurance Finance Corporation 
Hanover Realty Corp. 
Personal Finance Company 
Household Finance Corporation 
Shore Finance Corporation 
Industrial Credit Corporation of Lynn 
Continental Acceptance Corp. 



Household Finance Corporation 
Public Loan Company 
Workingmen's Loan Association, Inc. 
Personal Finance Company 
National Finance Company, Inc. 
State Loan Co. Inc. 



Address 

Leominster 

30 Main St. 
30 Main St. 
10 Monument Square 



Lowell 
10 
24 
147 
20 
53 



Kearney Square 
Merrimack St. 
Central St. 
Merrimack St. 
Central St. 
Merrimack St. 



P.D. 95 

Agent 



William L. Hauger 
Paul E. Sasseville 
Alexander Pizziconi 



Thomas A. Sepe 
C. Daniel Anderson 
Gerard A. Trepanier 
Robert W. Medin 
Louis M. Raycroft, Jr. 
Walter J. Lehane 



Lynn 






35 


Central Square 


Albert E. Sutcliffe, Jr. 


176 


Liberty St. 


John W. Connolly 


10 


Central Square 


Louis Backer 


86 


Summer St. 


Irving Kaplan 


22 


Central Ave. 


J. Alan Ross 


7 


Willow St. 


Arnold Lawson, Jr. 
Bernard Gai field 


342 


Broad St. 


38 


Exchange St. 


John C. Dewey 


85 


Lawton Ave. 


Albert E. Foy 



Malden 

351 
6 

31 
431 

50 



Main St. 
Pleasant St. 
Pleasant St. 
Main St. 
Pleasant St. 
Pleasant St. 



Personal Finance Company 
Marlboro Finance Corp. 



Franklin Finance Corporation 
Household Finance Corporation 
Personal Finance Company 



Milford Finance Corpyoration 
Berardi Loan Company, Inc. 
Personal Finance Company 



Wamsutta Finance Co. Inc. 
Luzo Corporation of America 
Personal Finance Company 
Community Plan Incorporated 
Household Finance Corporation 
Public Loan Company 
American Loan Society 
Scarpitti Investment Corporation 
Colonial Loan Company 



Personal Finance Company 
Personal Finance Company 



Marlborough 

186 Main St. 
217 Main St. 

Medford 

564 High St. 
11 Salem St. 
10 High St. 

Milford 

167A Main St. 
198 Main St. 
197 Main St. 



New 



Bedforh 
222 Union St. 



139 
222 
758 
849 
749 
96 
533 
1454 



Rivet St. 
LTnion St. 
Purchase St. 
Purchase St. 
Purchase St. 
William St. 
Mill St. 
Acushnet Ave. 



Newburyport 

65 State St. 
Newton 

313 Washington St. 



North Adams 

M-A-C Finance Plan, Inc. of North Adams 18 Bank St. 
The Citizens Loan Co. 54 Main St. 

Personal Finance Company 59 Main St. 

North Attleborough 

61 N. Washington St. 
11 S. Washington St. 

Northampton 

Northampton Loan and Finance Co. 26 Main St. 

M-A-C Finance Plan, Inc. of Northampton 25 Main St. 
William H. Ormond, Jr. 145 King St. 

Norwood 

681 Washington St. 



Public Loan Company 
Tri-Boro Finance Company, Inc. 



158 Public Loan Company 

Pittsfield 

4 Federal Loan Company of Pittsfield, Inc. 235 North St. 

88 Personal Finance Company 74 North St. 

170 Public Loan Company 137 North St, 

185 M-A-C Finance Plan, Inc. of Pittsfield 51 North St. 



Albert S. Musto 
Leo F. Loschi 
John J. McCarthy 
George S. Tucker 
Nathan Kerner 
Millard A. Herbert 



William I. French 
Samuel Kunen 



Ralph A. Yagjian 
Donald K. MacNeill 
Leslie E. Moriarty 



Jennie Morganelli 
Frank DiAntonio 
William J. Dalton 



Harold A. Jewell 
Alfred A. Rebello 
Louis A. Veilleux, Jr. 
Irene J. Fitzgerald 
John E. DePace 
Richard S. Thomas 
F. E. McLaughlin 
Nicholas L. Scarpitti 
Joaquim P. Oliveira 



James W. Chapman 
Francis F. Mariner 



Helen V. Fallon 
Julia B. Levenson 
John J. Kocsis 



John F. McArdle 
Ira L. Pollock 



Thomas J. Scanlon 
George E. Hickson 
William H. Ormond, Jr. 



Theodore DeSimone 



Daniel J. Delorey, Jr. 
William H. Deignan 
Edmund J. Mastrovito 
John A. Noonan 



P.D. 95 



11 



Name 



Personal Finance Company 

QUINCY 

Family Loan Corporation of Massachusetts 10 
Public Loan Company 67 
Personal Finance Company 1 
Prudential Financial Corporation of Quincyl426 
Household Finance Corporation 1372 

Salem 

State Loan Co. Inc. 228 
James F. Crowley 237 
Personal Finance Company 64 
Household Finance Corporation 214^ 



Address 

Plymouth 

47 Main St. 



Chestnut St. 
Parkingway 
Granite St. 
Hancock St. 
Hancock St. 



Essex St. 
Essex St. 
Washington St. 
Essex St. 



SOMERVILLE 

Personal Finance Company 258 Elm St. 

Family Loan Corporation of Massachusetts 7 Davis Square 
Household Finance Corporation 249 Elm St. 

State Loan Co. of Somerville 128 Dover St. 



Public Loan Company 
Morrison Finance Corporation 



SOUTHBRIDGE 

284 Main St. 
268 Main St. 



Spr] 



M-A-C Finance Plan, Inc. of Springfield 
Workingmen's Loan Association, Inc. 
The New Method Finance Corporation 
Personal Finance Company 
Springfield Acceptance Co. 
Associates Loan Company, Inc. 
Ideal Budget Plan, Inc. 
Household Finance Corporation 
Industrial Credit Corp. of Springfield 
Public Loan Company 
Commercial Credit Plan Incorporated 
Guaranty Loan Plan of Springfield, Inc. 
First Personal Bankers, Inc. 



NGFIELD 

Main St. 
Main St. 
Main St. 
Main St. 
Main St. 
Main St. 
Main St. 
Main St. 
Vernon St. 
Main St. 
Chestnut St. 
Main St. 
Elm St. 



1383 
1433 
1562 
1618 
1490 
1200 
1421 
1387 

18 
1570 
146 
1537 

21 



Taunton Loan Company 
Beacon Finance Co. of Taunton 
Personal Finance Company 



Household Finance Corporation 
Public Loan Company 
Personal Finance Company 



Ware-Palmer Finance Co. 
Suburban Finance Corporation 
Crown Finance Company, Inc. 



108 Pioneer Loan & Finance Corporation 
112 Personal Finance Company 



G. S. K. Finance Corporation 



205 Personal Finance Company 



Taunton 

28 Broadway 

14 Taunton Green 

23 Main St. 

Waltham 

4 Gordon St. 



353 
871 



Moody St. 
Moody St. 



Ware 

45 Main St. 
Watertown 

2A Mt. Auburn St. 
Webster 

224 Main St. 

Westfield 

99 Elm St. 
38 Elm St. 

Whitinsville 

85 Church St. 

WOBURN 

377 Main St. 



Worcester 



Public Loan Company 
Italian Finance Company of Worcester 
American Loan Society 
Public Loan Company 
Commercial Credit Plan Incorporated 
Personal Finance Company 
M-A-C Finance Plan, Inc. of Worcester 
Associates Loan Company, Inc. 
Workingmen's Loan Association, Inc. 
Signature Loan Company 
The New Method Finance Corporation 
Auto Owners Finance Company, 

Incorporated 
M-A-C Loan Plan, Inc. 
Household Finance Corporation 
* Chartered 



390 


Main St. 


157 


Shrewsbury St. 


507 


Main St. 


507 


Main St. 


507 


Main St. 


32 


Franklin St. 


34 


Mechanic St. 


747 


Main St. 


2 


Foster St. 


421 


Main St. 


544 


Main St. 


12 


Foster St. 


332 


Main St. 


390 


Main St. 



Agent 
Donald M. Caldwell 



Christian H. Holler 
John Roanowicz 
Eugene F. Hurd 
Robert L. Davis 
E. Milton Grant 



Henry P. Brooks 
James F. Crowley 
C. H. Vaillancourt 
John T. O'Brien 



Ernest F. McNeil 
Hilton W. Lamson 
David P. Garrigan 
Morton D. Dickey 



Harry J. Bradley 
Alfred L. Morrison 



Robert D. Watts 
James A. Gray 
Thomas H. Conroy 
Kenneth B. Hansen 
Chester W. Brown 
T. U. Cromwell 
Paul Berman 
Joseph J. Levanda 
Edward C. Barlow 
Walter A. Fredrickson 
Joseph E. Kupec 
Elizabeth H. Ginsberg 
Walter R. Orell 



Joseph B. Arruda 
John L. Guthrie 
Raymond E. Connolly 



Alden C. McXeish 
Edward J. Fay 
Leo E. Noel 



Louis I. Michelman 
Ravenel L. Collins 
Corinne E. Pratt 



Thomas P. Corcoran 
William S. McCann 



Zaray A. Kizirbohosian 



James J. Murray 



Carl W. Sundstrom 
Pompeo Ermilio 
Thomas F. Quinn 
Lewis C. Gillett 
Winthrop W. White 
Robert H. Blanchard 
Irene L. Benoit 
Grant W. Sutherland 
Edmund Houghton 
Nathaniel F. Chandley 
Alfred F. Wilmouth 
Ernest C. Burns 

Edward A. Tarquinio 
Thomas H. Mills, Jr. 



PUBLIC DOCUMENT No. 95 



ANNUAL REPORT 



OF THE 



BUREAU OF LOAN AGENCIES 



FOR THE 



LICENSE YEAR ENDED SEPTEMBER 30, 1953 



' DEPARTME NT OF BANKI NG AND I NSURANCE 
^ Division of Ban ks and Loan Agencies 

TIMOTHY J. DONOVAN 
Commissioner of Banks 




Publication of this Document Approv-d by George J. Cronin, State Purchasing Agent. 
600-11-54-912564 



2 



umHiflfflimilCHUSETi: 



P.D. 95 



gMIX HOUSE, 

BUREAU OF LOAN AGENCIES 
MASS OFFICIAL. ^^^^^ ^^g^^ 3^^^^ House, Boston 

ANNUAL REPORT FOR LICENSE YEAR ENDED 
SEPTEMBER 30, 1953 

(Pursuant to provisions of Section 98 of General Laws (Ter. Ed.) 

Chapter 140) 

To the Honorable Senate and House of Representatives 
of the Commonwealth of Massachusetts : 

During the license year beginning October 1, 1952 and ending September 
30, 1953, there were issued a total of two hundred and twenty-six licenses to 
engage in the business of making loans of $300 and less under the supervision 
of this department. Two hundred and eleven of these licenses represented 
renewals, while fifteen new licenses were issued. Five of the licensed companies 
did no business under their licenses during the license year. 

In addition to the licensed agencies, there was one company subject to 
supervision which operates under a special charter. Since this company op- 
erates in a manner resembling that of a pawnbroker, its operational figures are 
not included in the statistical compilation. However, a statement of the finan- 
cial condition of that company is shown in the exhibits in compliance with 
Chapter 62, Section 2, of the Acts of 1949. 

In the license year just ended 220,386 loans amounting to $43,689,772.35 
were made. These figures represent a decrease of 8,873 in the number of loans 
made and $1,387,923.64 in the amount of loans made during the last previous 
twelve months period. With respect to the loans made of $100 or less which 
are included in the foregoing figures, the decrease was 2,099 in number and 
$198,922.25 as to amount. On September 30, 1953 there were 164,009 loans out- 
standing with a book value of $23,963,446.69. 

Gross income for the period .totaled $5,655,156.39 of which $94,331.43 
represented recoveries on loans previously charged off. Operating expenses 
aggregating $4,480,550.24, including $638,617.22 of allocated home office ex- 
pense, charge-offs on account of bad debts amounting to $223,274.16 and addi- 
tions of $128,886.00 to valuation reserves covering bad debts, combine to make 
a total of $4,832,710.40 which, deducted from gross income, leaves a balance 
•of $822,445.99 representing net earnings before deductions of interest paid 
on borrowed funds. 

Records of this Bureau indicate a continuing decrease in the number and 
dollar volume of loans regulated by the Commonwealth and a complementing 
increase in loans not regulated by the Commonwealth. 

Respectfully submitted, 

Martin J. Hanley 

Supervisor of Loan Agencies 

Approved : 

Timothy J. Donovan 

Commissioner of Banks 



P.D. 95 



6 



TABLE OF EXHIBITS 

Exhibit A. Composite Statement of Financial Condition. 

Exhibit B. Composite Statement of Profit and Loss. 

Exhibit C. Analysis of Loans by Size. 

Exhibit D. Analysis of Loans by Types of Security. 

Exhibit E. Small Loans Made for the Last Five Years. 

Exhibit F. Statement of Financial Condition of Collateral 
Loan Company, Boston. 

Exhibit G. List of Licensed Small Loan Agencies. 



4 P.D. 95 

Exhibit A 

Composite Statement of Financial Condition September 30, 1953 



Assets and Liabilities 

220 Licensees 

Assets 

Cash in Office and in Banks .......... 

Loans Receivable of $300 or Less 

Real Estate (Less Reserve for Depreciation — Buildings) . . . . 

Furniture, Fixtures, Equipment and Automobiles (Less Reserve for Depre- 
ciation) ............ 

Deferred Charges ............ 

Organization and Development Expense ....... 

Cost of Financing 

Prepaid Expense on Accounts Purchased ....... 

Other Assets: 

(a) Miscellaneous Accounts Receivable ....... 

(b) Accrued Interest Receivable ........ 

(c) Life Insurance (Cash Surrender Value) 

(d) Investments ........... 

Total Assets 

Liabilities and Capital 

Accounts and Notes Payable: 

(a) Banks ............ 

(b) Due to Parent Company or Affiliates 

(c) Other Short Term Notes and Accounts ...... 

Bonds 

Other Liabilities: 

(a) Accrued Expenses .......... 

(b) Treasury Certificates 

Valuation Reserves: 

(a) Bad Debts 

(b) Purchased Accounts (Face Value Less Purchase Price) . 

(c) Other Valuation Reserves 

Expense Reserves: 

(a) Taxes 

(b) Other Expense Reserves 

Branch Office Capital (Home Office Control) 

Net Worth (if Individual or Partnership) 

Capital Stock (if Corporation) : 

(a) Preferred 

(b) Common 

Appropriated Surplus or Capital Reserves 

Surplus 

Total Liabilities and Capital 



Licensed Agencies 
220 



$1,992,443.34 
23,963,446.69 
21,266.13 

280,125.41 
99,990.62 
112,291.18 

9,656.95 

374,393.40 
21,616.48 
3,660.88 
553,073.23 
$27,431,964.31 



$1,179,302.22 
5,135,514.32 
792,072.84 
217,525.43 

47,290.98 
574,908.69 

756,011.78 
453.21 
9,626.53 

298,854.52 
14,569.48 
13,883,402.44 
29,675.45 

508,898.57 
2,312,951.50 
159,301.03 
1,511,605.32 
$27,431,964.31 



P.D. 95 



5 



Exhibit B 



Composite Statement of Profit and Loss for 
Year Ended September 30, 1953 



License 



220 Licensees 

Gross Income Derived from Small Loan Business 

Charges on Loans of $300 or Less . . . . . 

Collections on Accounts Previously Charged off . 

Other Income ......... 



Total Gross Income Derived from Small Loan Business . 

Expenses of Conducting Small Loan Business 
in Massachusetts 
Advertising .......... 

Auditing .......... 

Bad Debts: 

(a) Charged Off 

(b) Addition to Reserve for Bad Debts .... 
Depreciation of Furniture, Fixtures, Equipment and 

Automobiles ......... 

Insurance and Fidelity Bonds ...... 

Legal Fees and Disbursements ...... 

License Fees ......... 

Postage and Express ........ 

Printing, Stationery and Supplies ..... 

Recording and Acknowledging Fees (When Paid by Licensee) 
Rent, Light, Heat and Janitor Service .... 

Salaries .......... 

Taxes (Excluding Federal and State Taxes on Income) : 

(a) Federal Social Security Taxes .... 

(b) State and Local Taxes ...... 

Telephone and Telegraph ....... 

Travel, Automobile Expenses and Allowances 

Other Expenses of Conducting Small Loan Business: 

(a) Bookkeeping and Corporation Services 

(b) Dues and Subscriptions ...... 

(c) Credit Reports 

(d) Pension Fund Contribution . . . 

(e) Sundry ......... 

Home Office Expenses 
Allocated to Branches in Massachusetts 

Advertising .......... 

Auditing .......... 

Bad Debts: 

(a) Charged Off 

(b) Addition to Reserve for Bad Debts .... 
Depreciation of Furniture, Fixtures, Equipment and 

Automobiles ......... 

Insurance and Fidelity Bonds ...... 

Legal Fees and Disbursements ...... 

License Fees . . 

Postage and Express ........ 

Printing, Stationery and Supplies ..... 

Recording and Acknowledging Fees (When Paid by Licensee) 
Rent, Light, Heat and Janitor Service .... 

Salaries .......... 

Taxes (Excluding Federal and State Taxes on Income) : 

(a) Federal Withholding Taxes 

(b) Federal Social Security Taxes ..... 

(c) All other State and Local Taxes .... 

Telephone and Telegraph 

Travel, Automobile Expenses and Allowances 

Other Expenses: 

(a) Bookkeeping and Corporation Services 

(b) Dues and Subscriptions ...... 

(c) Credit Reports . 

(d) Pension Fund Contribution ..... 

(e) Supervision and Administration .... 

(f) Sundry 

Total Expenses Before Income Taxes . . 

Federal Taxes on Income 

State Taxes on Income ....... 

Total Expenses after Income Taxes ..... 
Net Earnings after Income Taxes .... 



$5,549,655.52 
94,331.43 
11,169.44 



$322,340.54 
17,931.32 



223,274.16 
125,624.82 

33,040.94 
15,532.04 
48,865.06 
44,199.16 
59,395.82 
54,458.23 
6,501.25 
234,773.91 
1,603,848.76 

39,802.93 
46,283.82 
154,304.33 
118,821.18 

30,898.12 
31,219.06 
27,122.03 
32,722.93 
138,227.75 



$74,296.49 
34,793.27 



3,261.18 

4,272.97 
17,093.76 
56,991.04 
462.28 
3,093.57 
30,476.34 
305.95 
20,734.57 
194,651.34 



2,095.28 
11,840.16 

3,997.87 
26,398.75 



26,065.33 
3,935.60 
2,078.23 
12,004.45 
86,033.91 
23,734.88 



734,594.69 
50,310.33 



$5,655,156.39 



$3,409,188.16 



$638,617.22 

$4,047,805.38 

784,905.02 

$4,832,710.40 
$822,445.99 



6 



P.D. 95 



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P.D. 95 7 

Exhibit F 

Statement of Financial Condition of Collateral Loan Company, 
Boston, as of October 31, 1953 



Assets 

Cash $50,525.86 

Loans Outstanding 1,225,371.95 

Accounts Receivable 1,564.50 

Notes Receivable ............. 

Merchandise Owned 15,702.50 

Other Assets: 

Bonds 40,000.00 

Treasury Stock 524,823.28 

Real Estate Less Depreciation 97,175.96 



Total Assets $1,955,164.05 

Liabilities and Capital 

Borrowers' Surplus ............. $2,666.93 

Suspense Account 13,862.78 

Reserves : 

(a) Taxes 12,300.18 

(b) Contingencies 26,329.12 

Capital Stock 1,500,000.00 

Accounts Payable 1.00 

Surplus 400,004.04 



Total Liabilities 



$1,955,164.05 



8 

Exhibit G 



P.D. 95 



Licensed Small Loan Agencies 

Following is a list of those engaged in the business of making small loans in 
the cities and towns in Massachusetts and licensed for the year ending September 
30, 1954: 



Boston 



Name 

*1 Collateral Loan Company 

5 Nestor-Hall Company 

15 Northeast Finance Corporation 

16 Household Finance Corporation 
20 Seaboard Finance Company, Inc. 
22 Personal Finance Company 

37 Capital Finance Corporation 

43 Family Loan Corporation of Massachusetts 

47 Savoy Finance Co. 

49 Household Finance Corporation 

53 Charles S. Beatty Company 

57 Personal Finance Company 

63 Belmont Finance Company 

66 Personal Finance Company 

82 Household Finance Corporation 

83 Public Loan Company 

89 Commercial Credit Plan Incorporated 

92 Family Loan Corporation of Massachusetts 

93 Goodmans Finance Co. 
97 H. B. Budding Company 

102 Beacon Loan Co. 

106 Public Loan Company 

111 Public Loan Company 

117 Personal Finance Company 

126 State Loan Co. Inc. 

128 Star Finance Corp. 

129 International Finance Company 

142 Globe Plan, Inc. 

143 Household Finance Corporation 



145 State Loan Co. 

149 Family Loan Corporation of Massachusetts 

176 Local Finance Company 

184 Public Loan Company 

189 Adams Finance Company, Inc. 

192 Firemen's Finance Company, Inc. 

193 Local Finance Company of Boston 
200 Public Loan Company 

202 Household Finance Corporation 

204 Personal Finance Company 

206 American Discount Corporation 

214 Auto Owners Finance Company, Incorporated 

216 Public Loan Company 

218 Public Loan Company 

223 Household Finance Corporation 

231 Personal Finance Company 

235 Personal Finance Company 

238 Coleman Finance Co. 

239 Workingmen's Loan Association, Inc. 



Address 
Corn hill 
Water St. 
Blue Hill Ave., 

Mattapan 
Boylston St. 
Summer St. 
Summer St. 
State St. 
Dorchester Ave., 

Dorchester 
Boylston St. 
Tremont St. 
Water St. 
Boylston St. 
Washington St. 
Dudley St., 

Dorchester 
Washington St. 
Washington St. 
Deerfield St. 
Washington St. 
School St. 
Boylston St. 
Washington St. 
Tremont St. 
Tremont St. 
Bromfield St. 
Columbia Rd., 

Dorchester 
Center St., 

Jamaica Plain 
Tremont St. 
St. Jarnes Ave. 
Columbia Rd., 

Dorchester 
Washington St. 
Massachusetts Ave. 
Milk St. 

River St., Hyde Park 
Dorchester Ave., 

Boston 
Washington St. 
Washington St. 
St. James Ave. 
Temple Place 
Poplar St., 

Roslindale 
Boylston St. 
Columbus Ave. 
Post Office Square 
Poplar St., 
Roslindale 
47 Winter St. 
1232A River St., Hyde Park 
487 E. Broadway, 
South Boston 
18 Tremont St. 
8 Winter St. 



75 
7 

1601 

80 
48 
77 
148 
1457 

230 
175 
7 
80 
333 
761 

294 
333 
19 
295 
44 
80 
387 
171 
145 
5 

584 

352 

18 
31 
598 

619 
161 

79 
1243 
1480 

294 
453 
31 
59 
47 

462 
20 
10 
17 



Agent 
Bruce F. Coburn 
Allis S. Olsen 
Charles J. Ahearn 

John J. Cameron 
Arthur E. O'Leary 
Francis T. Glynn 
Herbert S. Robbins 
William S. Fox 

Mario Caliri 
Donald K. MacNeill 
Sylvia E. Clifford 
Rolf F. Olson 
Roland P. Pigeon 
Sumner T. Urann 

Wilfred L. Grant 
Hugh J. O'Neill 
Benjamin G. Proctor 
Daniel J. Sullivan 
Leslie J. Weinberg 
Herbert B. Budding 
Arthur E. Jasmin 
Raymond L. Hill 
Anthony M. Taranto 
Roger S. Mason 
A. Gordon Howie 

Oliver W. Hennigan 

Leo E. Bon 

William P. Morrissey 

Dennis J. Doherty 

Herbert B. Budding, Jr. 
G. P. Biagiotti 
Helen J. Cassidy 
Theodore DeSimone 
Samuel Levenbaum 

John F. Looney 
Tames J. Kearns 
Domenico Campana 
John N. McFadden 
Hyman J. Levensohn 

James T. Lyons 
Alexander C. White 
Robert J. Mollica 
Joseph H. Joseph 

A. J. Homicz 
James P. Donellon 
Felix DiPietro 

Louis Schwartz 
Leslie D. Carroll 



98 Andover Finance Company 



An DOVER 

Musgrove Bldg., 
Elm Square 



Arthur Heifetz 



162 Public Loan Company 



Athol 

415 Main St. 



Francis J. Colby 



Attleboro 

130 Public Loan Company 8 North Main St. James Todaro 

182 Tri-Boro Finance Co., Inc. of Attleboro 98 Park St. Walter Conroy 



181 Personal Finance Company 



Beverly 

222 Cabot Street 



Leo R. Hansbury 



P.D. 95 



Name 



Commercial Credit Plan Incorporated 

Local Finance Company of Brockton 

Public Loan Company 

Personal Finance Company 

Time Finance Corporation of Brockton 

Household Finance Corporation 



141 Household Finance Corporation 

144 W. J. Foley, Inc. 

160 Personal Finance Company 

300 Bankers Commercial Corporation 



64 Household Finance Corporation 

71 Personal Finance Company 

134 Workingmen's Loan Association, Inc. 

159 Public Loan Company 



195 Personal Finance Company 

234 Personal Finance Company 

109 Wachusett Finance Corp. 

132 Danvers Finance Corporation 

3 Easthampton Finance Co. 



Address 



Brockton 
37 
231* 
142 
196 
47 
172 



Belmont St. 
Main St. 
Main St. 
Main St. 
West Elm 
Main St. 



St. 



Brookline 

286 Harvard St. 
1294 A Beacon St. 

269 Harvard St. 
1284 Beacon St. 

Cambridge 

678 Massachusetts Ave. 
519 Massachusetts Ave. 
552 Massachusetts Ave. 
2 Central Square 

Chelsea 

375 Broadway 

Chicopee 

254 Exchange St. 

Clinton 

70 High St. 



Danvers 



Elm St. 



197 Personal Finance Company 
219 Everett Finance Corporation 



Easthampton 

59 Union St. 

Everett 

433 Broadway 
16 Beacham St. 



10 Central Finance Co. of Fall River, Inc. 

12 Liberty Loan and Realty Co. Inc. 

18 B & M Loan Inc. 

27 Household Finance Corporation 

28 Personal Finance Company 
39 Luzo Corporation of America 
61 Fall River Finance Company 

165 Commercial Credit Plan Incorporated 

166 Cascade Finance Company 

209 Local Finance Company of Fall River 

220 Eagle Finance Company 



32 Personal Finance Company 

52 Household Finance Corporation 

74 M-A-C Finance Plan, Inc. of Fitchburg 

85 Fitchburg Finance Corporation 



Fall River 
10 
204 
210 
13 
27 
26 
130 
51 
391 
7 

150 



Bedford St. 
Thomas St. 
Thomas St. 
Borden St. 
S. Main St. 
Rodman St. 
S. Main St. 
Franklin St. 
S. Main St. 
North Main St. 
Second St. 



Fitchburg 

446 Main St. 
455 Main St, 
280 Main St. 
759 Main St. 



Framingham 

95 Public Loan Company 24 Union Ave. 

173 Personal Finance Company 129 Concord St. 

178 General Finance Corp'n of Framingham 129 A Concord St. 



36 Franklin Loan Co. Inc. 

161 Public Loan Company 

232 Personal Finance Company 

59 Public Loan Company 



21 Pioneer Credit Corporation 
38 Community Credit Corporation 



146 Personal Finance Company 

153 Guaranty Loan Plan of Greenfield 



Franklin 

32A Main St. 



Gardner 



Corner Pleasant 
Parker Sts. 
Vernon St. 



Gloucester 

144^ Main St. 

Great Barrington 

333 Main St. 
312 Main St. 

Greenfield 

239 Main St. 
278 Main St. 



Agent 



Raymond D. Marstin 
Lincoln A. Shaw 
Ralph L. Duvall 
John D. Frates 
Paul R. Selfridge 
Wilford VV. d'Entremont 



James T. Bailey, Jr. 
Eugene O. Foley 
Edward Hamilton, Jr. 
Webster A. Kefauver 



Charles W. Munroe 
William H. Coss 
Paul A. Vogt 
William W. Hallahan 



Joseph W. Downes 
Irving R. Rosazza 
Thomas J. Monahan 
John Katsaros 
Harry J. Frazier 



George F. Crowley 
Lawrence E. Denning 



Shelton J. W>ath 
L. Alfred Renaud 
Wilfred J. Poirier 
W. B. Clark 
Edmund D. Carrigan 
Ernest C. Ladeira 
Frederic R. Mayo 
John L. Duclos 
John E. O'Connor 
Edward F. Smith 
Lena M. Solotist 



George F. Wolf 
Vernon C. Warren 
William J, Leonard 
Lester H. Rome 



John L. Reilly 
Robert A. Boyce 
James T. Flaherty 



William F. Carberry 

Richard S. Thomas 
John P. McGrath 

Roy A. Nason, Jr. 



William F. Johnson 
C. Robert Rau 



Frank T. Deery 
John W. MuUins, Jr. 



10 



P.D. 95 



Name 



105 Personal Finance Company 

120 Public Loan Company 

186 New England Finance Corporation 



Address 

Haverhill 

54 Merrimack St. 
191 Merrimack St. 
21 Merrimack St. 



Agent 



Joseph A. Kennedy 
Frank E. Buco 
Henry T. Martin 



40 Personal Finance Company 
175 Public Loan Company 
215 Holyoke Finance Corp. 



HOLYOKE 

560 D wight St. 
380 High St. 
380 High St. 



Marshall A. Hart 
Michael J. Clifford, Jr. 
Elliott Potter 



76 Personal Finance Company 



Hyannis 

428 Main St. 



John F. Miles 



Lawrence 

25 Signet Discount Co. 499 Essex St. 

30 Local Loan & Finance Co. Inc. 79 Common St. 

114 Public Loan Company 301 Essex St. 

118 Broadway Loan Co. inc. of Lawrence 43 Broadway 

147 Personal Finance Company 27 Amesbury St. 

225 Industrial Credit Corporation of Lawrence 477 Essex St. 



Irving G. Sigilman 
Anthony Giordano 
Andrew L. Buco 
Sam Jersky 
George E. Holdsworth 
Joseph E. Nolet 



Leominster 



58 Wachusett Finance Corp. 
148 Personal Finance Company 
155 Leominster Finance Corporation 



14 Public Loan Company 

55 Personal Finance Company 

101 Advance Finance Company 

172 Household Finance Corporation 

179 Workingmen's Loan Association, Inc. 

208 Industrial Credit Corporation of New 
England 



30 


Main St. 


William L. Hauger 


30 


Main St. 


Paul E. Sasseville 


10 


Monument Square 


Alexander Pizziconi 


Lowell 






10 


Kearney Square 


Harry P. McWalter 


24 


Merrimack St. 


C. Daniel Anderson 


147 


Central St. 


Gerard A. Trepanier 


20 


Merrimack St, 


Robert W. Medin 


53 


Central St. 


Louis M. Reycroft, Jr. 


8 


Merrimack St. 


Walter J. Lehane 



19 Public Loan Company 

29 Essex Loan Trust 

41 United Insurance Finance Corporation 

80 Hanover Realty Corp. 

122 Personal Finance Company 

154 Household Finance Corporation 

168 Shore Finance Corporation 

198 Industrial Credit Corporation of Lynn 

230 Continental Acceptance Corp. 



6 Household Finance Corporation 

72 Public Loan Company 

103 Workingmen's Loan Association, Inc. 

107 Personal Finance Company 

152 National Finance Company, Inc. 

227 State Loan Co. Inc. 



65 Personal Finance Company 
171 Marlboro Finance Corp. 



31 Franklin Finance Corporation 
188 Household Finance Corporation 
199 Personal Finance Company 



110 Milford Finance Corporation 
140 Berardi Loan Company, Inc. 
207 Personal Finance Company 



236 M-A-C Loan Plan, Inc. of Natick 



7 Wamsntta Finance Co. Inc. 

26 Luzo Corporation of America 

44 Personal Finance Company 

46 Community Plan Incorporated 

77 Household Finance Corporation 

90 Public Loan Company 

100 American Loan Society 

226 Scarpitti Investment Corporation 

228 Preferred Loan Plan, Inc. 

233 Colonial Loan Company 



Lynn 






35 


Central Square 


Robert G. Disbrow 


176 


Liberty St. 


John W. Connolly 


10 


Central Square 


Louis Backer 


86 


Summer St. 


Irving Kaplan 


22 


Central Ave. 


J. Alan Ross 


7 


Willow St. 


John T. O'Brien 


342 


Broad St. 


Bernard Garfield 


38 


Exchange St. 


John C. Dewey 


85 


Lawton Ave. 


Albert E. Foy 


Malden 






351 


Main St. 


Albert S. Musto 


6 


Pleasant St. 


Leo F. Loschi 


31 


Pleasant St. 


John J. McCarthy 


431 


Main St. 


George S. Tucker 


50 


Pleasant St. 


Nathan Kerner 


9 


Pleasant St. 


Millard A. Herbert 


ARLBOROUGH 




186 


Main St. 


John J. T. Eckersall 


217 


Main St. 


Samuel Kunen 


Medford 






564 


High St. 


Ralph A. Yagjian 


11 


Salem St. 


William E. Norton 


10 


High St. 


Leslie E. Moriarty 


Milford 






167A 


Main St. 


Jennie Morganelli 


240 


Main St. 


Frank DiAntonio 


197 


Main St. 


William J. Dalton 



Natick 

llA 



West Central St. 



New Bedford 

222 Union St. 



139 
222 
758 
849 
749 
96 
533 
628 
1454 



Rivet St. 
Union St. 
Purchase St. 
Purchase St. 
Purchase St. 
William St. 
Mill St. 
Pleasant St. 
Acushnet Ave. 



William V. Whelan 



Harold A. Jewell 
Alfred A. Rebello 
Louis A. Veilleux, Jr. 
Irene J. Fitzgerald 
David P. Garrigan 
Howard Barrow 
James J. Sullivan 
Nicholas L. Scarpitti 
Francis W. McLaughlin 
Joaquim P. Oliveira 



P.D. 95 

Name 

150 Personal Finance Company 
201 Personal Finance Company 



11 



42 
45 
151 



54 
121 



35 
113 
217 



Address 

Newburyport 

65 State St. 

Newton 

313 Washington St. 



North Adams 

M-A-C Finance Plan, Inc. of North Adams 15 Bank St. 

The Citizens Loan Co. 54 Main St. 

Personal Finance Company 59 Main St! 



Public Loan Company 

Tri-Boro Finance Company, Inc. 



North Attleborough 

61 N. Washington St. 
11 S. Washington St. 



Northampton Loan and Finance Co. 
M-A-C Finance Plan Inc., of Northampton 
William H. Ormond, Jr. 



Northampton 

26 Main St. 
25 Main St. 
145 King St. 



158 Public Loan Company 

196 Personal Finance Company 



4 Signature Loan Company, Inc. 

88 Personal Finance Company 

170 Public Loan Company 

185 M-A-C Finance Plan, Inc. of Pittsfield 



203 Personal Finance Company 



Norwood 

681 Washington St. 
707 Washington St. 

Pittsfield 

21 North St. 
74 North St. 
137 North St. 
51 North St. 

Plymouth 

47 Main St. 



Agent 

James W. Chapman 

Francis F. Mariner 



Helen V. Fallon 
Julia B. Levenson 
John J. Kocsis 



Henry Drummond, Jr. 
Ira L. Pollock 



Thomas J. Scanlon 
George E. Hickson 
William H. Ormond, Jr. 



George W. Briggs 
Gardner K. Mandeville 



Daniel J. Delorey, Jr. 
William H. Deignan 
Edmund J. Mastrovito 

jonn A. Noonan 



Donald M. Caldwell 



75 
116 
136 
169 
180 



QUIXCY 

Family Loan Corporation of Massachusetts 10 
Public Loan Company 67 
Personal Finance Company 1 
Prudential Financial Corporation of Quincy 1426 



Household Finance Corporation 



1372 



Chestnut St. 
Parkingway 
Granite St. 
Hancock St. 
Hancock St. 



Melvin S. Bearse 
John Roanowicz 
Eugene F. Hurd 
Robert L. Davis 
E. Milton Grant 



240 Revere Loan Agency 



Revere 

1493 



North Shore Rd. 



Frank W. Sterner 



56 State Loan Co. Inc. 
137 Personal Finance Company 
183 Household Finance Corporation 



229 Saugus Finance Corp. 



33 Personal Finance Company 

96 Family Loan Corporation of Massachusett 

177 Household Finance Corporation 

211 State Loan Co. of Somerville 



Salem 

228 Essex St. 

64 Washington St. 

2141^ Essex St. 

Saugus 

337 Central St. 

Somerville 

258 Elm St. 

7 Davis Square 

249 Elm St. 

128 Dover St. 



187 Public Loan Company 

191 Morrison Finance Corporation 



Southbridge 

284 Main St. 
268 Main St. 



Springfield 



8 M-A-C Finance Plan, Inc. of Springfield 

50 Workingmen's Loan Association, Inc. 

60 The New Method Finance Corporation 

73 Personal Finance Company 

78 Springfield Acceptance Co. 

91 Associates Loan Company, Inc. 

125 Ideal Budget Plan, Inc. 

139 Household Finance Corporation 

156 Industrial Credit Corp. of Springfield 

163 Public Loan Company 

167 Commercial Credit Plan Incorporated 

212 Guaranty Loan Plan of Springfield, Inc. 

222 First Personal Bankers, Inc. 



67 Taunton Loan Company 

70 Beacon Finance Co. of Taunton 

81 Personal Finance Company 



1383 


Main St. 


1433 


Main St. 


1562 


Main St. 


1618 


Main St, 


1490 


Main St. 


1200 


Main St. 


1421 


Main St. 


1387 


Main St. 


18 


Vernon St. 


1570 


Main St. 


146 


Chestnut St. 


1537 


Main St. 


21 


Elm St. 


Taunton 





Broadway 
Taunton Green 
Main St. 



Henry P. Brooks 
C. H. Vaillancourt 
Charles A. Kelley 



Benjamin J. Hoffman 



Ernest F. McNeil 
E. J. Toone 
Stanley C. Whynock 
Morton D. Dickey 



Harry J. Bradley 
Alfred L. Morrison 



Robert D. Watts 
James A. Gray 
Thomas H. Conroy 
Kenneth B. Hansen 
Chester W. Brown 
Thomas J. Mahoney 
Paul Berm.an 
J. E. DePace 
Edward C. Barlow 
Walter A. Fredrickson 
Joseph E. Kupec 
Elizabeth H. Ginsberg 
Walter R. Orell 



Joseph B. Arruda 
John L. Guthrie 
Raymond E. Connolly 



12 



Name 



237 Personal Finance Company 



79 Household Finance Corporation 
123 Public Loan Company 
135 Personal Finance Company 



17 Ware-Palmer Finance Co. 



138 Suburban Finance Corporation 



164 Crown Finance Company, Inc. 



108 Pioneer Loan & Finance Corporation 
112 Personal Finance Company 



127 G. S. K. Finance Corporation 



205 Personal Finance Company 



Address 

Wakefield 

409A Main St. 

Waltham 

4 Gordon St. 
353 Moody St. 
371 Moody St. 

Ware 

45 Main St. 

Watertown 

2A Mt. Auburn St. 

Webster 

224 Main St. 

Westfield 

99 Elm St. 
90 Elm St. 

Whitinsville 

85 Church St. 



WOBURN 

377 
Worcester 



Main St. 



13 Public Loan Company 

34 Italian Finance Company of Worcester 

68 American Loan Society 

69 Public Loan Company 

94 Commercial Credit Plan Incorporated 

115 Personal Finance Company 

119 M-A-C Finance Plan, Inc. of Worcester 

124 Associates Loan Company, Inc. 

131 Household Finance Corporation 

157 Workingmen's Loan Association, Inc. 

174 Signature Lean Company, Inc. 

210 The New Method Finance Corporation 

213 Auto Owners Finance Company, 

Incorporated 

221 M-A-C Loan Plan, Inc. 

224 Household Finance Corporation 

* Chartered. 



390 Main St. 

157 Shrewsbury St. 

507 Main St. 

507 Main St. 

507 Main St. 

32 Franklin St. 

34 Mechanic St. 

791 Main St. 
#2 Bldg., Lincoln Plaza, 
Shopping Center 

2 Foster St. 

421 Main St. 

544 Main St. 

12 Foster St. 

332 Main St. 

390 Main St. 



P.D. 95 

Agent 
Joseph W. O'Connor 



Alden C. McNeish 
Edward J. Fay 
Leo E. Noel 



Mabel H. Nelligan 
Ravenel L. Collins 
Corinne E. Pratt 



Thomas P. Corcoran 
William S. McCann 



Zaray Kizirbohosian 
James J. Murray 



Thomas A. Sepe 
Pompeo Ermilio 
Raymond A. DePauw 
Lewis C. Gillett 
Winthrop W. White 
Robert H. Blanchard 
Irene L. Benoit 
A. F. Porter 



Edmund Houghton 
Nathaniel F. Chandley 
Alfred F. Wilmouth 

Ernest C. Burns 
Edward A. Tarquinio 
Thomas H. Mills, Jr. 



PUBLIC DOCUMENT No. 95 "^^^^ 



®hf Olommontupalth of iHasaarhuBPttB 



ANNUAL REPORT 



OF THE 



BUREAU OF LOAN AGENCIES 

FOR THE 

LICENSE YEAR ENDED SEPTEMBER 30, 1954 

/^55,:department of banking and insurance; 

Division of Banks and Loan Agencies 
CHARLES P. HOWARD 
Commissioner of Banks 




Publication of This Document Approved by George J. Cronin. State Purchasing Agen' 
600-5-55-915146 



mn mm if %mmm 

2 P.D. 95 

AUG 31 1955 

BUREAU OF LOAN AGENCIES 
Room 109C, State House, Boston 

ANNUAL REPORT FOR LICENSE YEAR ENDED 
SEPTEMBER 30, 1954 

(Pursuant to provisions of Section 98 of General Laws (Ter, Ed.) 

Chapter 140) 

To the Honorable Senate and House of Representatives 
of the Commonwealth of Massachusetts : 

During the license year beginning October 1, 1953 and ending September 30, 
1954, there were issued a total of two hundred and thirty-eight licenses to engage 
in the business of making loans of $300 and less under the supervision of this 
department. Two hundred and twenty-four of these licenses represented renewals, 
while fourteen new licenses were issued. Eight of the licensed companies did 
no business under their licenses during the license year. 

In addition to the licensed agencies, there was one company subject to super- 
vision which operates under a special charter. Since this company operates 
in a manner resembling that of a pawnbroker, its operational figures are not 
included in the statistical compilation. However, a statement of the financial 
condition of that company is shown in the exhibits in compliance with Chapter 
62, Section 2, of the Acts of 1949. 

In the license year just ended 217,756 loans amounting to $41,799,884.04 
were made. These figures represent a decrease of 2,630 in the number of loans 
made and $1,889,888.31 in the amount of loans made during the last previous 
twelve month period. With respect to the loans made of $100 or less which 
are included in the foregoing figures, the increase was 2,747 in number and 
$98,785.74 as to amount. On September 30, 1954 there were 163,925 loans 
outstanding with a book value of $23,400,932.48. 

Gross income for the period totaled $5,576,290.05 of which $60,657.49 repre- 
sented recoveries on loans previously charged off. Operating expenses aggre- 
gating $4,595,787.57, including $600,408.96 of allocated home office expense, 
charge-offs on account of bad debts amounting to $307,232.04 and additions of 
$168,673.96 to valuation reserves covering bad debts, combine to make a total 
of $5,071,693.57 which, deducted from gross income, leaves a balance of 
$504,596.48 representing net earnings before deductions of interest paid on 
borrowed funds. 

Respectfi^lly .submitted, 

Martin J. Hanley 

Supervisor of Loan Agencies 

Approved : 
Charles P. Howard 

Commissioner of Banks 



D. 95 



3 



TABLE OF EXHIBITS 

Exhibit A. Composite Statement of Financial Condition. 

Exhibit B. Composite Statement of Profit and Loss. 

Exhibit C. Analysis of Loans by Size. 

Exhibit D. Analysis of Loans by Types of Security. 

Exhibit E, Small Loans Made for the Last Five Years. 

Exhibit F. Statement of Financial Condition of Collateral 
Loan Company, Boston. 

Exhibit G. List of Licensed Small Loan Agencies. 



4 P.D. 95 

Exhibit A 

Composite Statement of Financial Condition September 30, 1954 



Assets and Liabilities 

230 Licensees 

Assets 

Cash in Office and in Banks .......... 

Loans Receivable of $300 or Less ......... 

Real Estate (Less Reserve for Depreciation — Buildings) . . . . 

Furniture, Fixtures, Equipment and Automobiles (Less Reserve for Depre- 
ciation ............. 

Deferred Charges ............ 

Organization and Development Expense ........ 

Cost of Financing ............ 

Prepaid Expense on Accounts Purchased ....... 

Other Assets: 

(a) Miscellaneous Accounts Receivable ....... 

(b) Accrued Interest Receivable 

(c) Investments ........... 

(d) Miscellaneous 

Total Assets ........... 

Liabilities and Capital 

Accounts and Notes Payable: 

(a) Banks 

(b) Due to Parent Company or Affiliates 

(c) Other Short Term Notes and Accounts 

Bonds .............. 

Other Liabilities: 

(a) Accrued Expenses .......... 

(b) Treasury Certificates 

(c) Other Liabilities 

Valuation Reserves: 

(a) Bad Debts 

(b) Purchased Accounts (Face Value Less Purchase Price) . 

(c) Other Valuati9n Reserves ......... 

Expense Reserves: 

(a) Taxes 

(b) Other Expense Reserves ......... 

Branch Office Capital (Home Office Control) 

Net Worth (if Individual or Partnership) 

Capital Stock (if Corporation) : 

(a) Preferred ............ 

(b) Common 

Appropriated Surplus or Capital Reserves 

Surplus .............. 

Total Liabilities and Capital ........ 



Licensed Agencies 
230 



$1,735,424.86 
23,400,932.48 
18,494.19 

316,736.26 
152,161.33 
117,661.15 
4,455.45 
3,037.98 

543,838.16 
17,669.80 
548,235.49 
31,440.12 
$26,890,087.27 



$1,239,859.67 
5,873,155^1 
982,942.27 
354,440.60 

85,067.48 
518,786.80 
40,219.69 

656,013.27 
60.86 
57,577.55 

204,238.93 
21,580.04 
12,414,685.63 
29,742.07 

545,982.23 
1,922,964.38 

178,722.31 
1,764,048.08 



$26,890,087.27 



P.D. 95 



5 



Exhibit B 



Composite Statement of Profit and Loss for License 
Year Ended September 30, 1954 



230 Licensees 

Gross Income Derived from Small Loan Business 

Charges on Loans of $300 or Less . . . 
Collections on Accounts Previously Charged Off . 
Other Income ......... 

Total Gross Income Derived From Small Loan Business . 

Expenses of Conducting Small Loan Business 
in Massachusetts 

Advertising .......... 

Auditing .......... 

Bad Dents: 

(a) Charged off ....... . 

(b) Addition to Reserve for Bad Debts .... 

Depreciation of Furniture, Fixtures, Equipment and Automobiles 
Insurance and Fidelity Bonds ...... 

Legal Fees and Disbursements ...... 

License Fees .......... 

Postage and Express ........ 

Printing, Stationery and Supplies ...... 

Recording and Acknowledging Fees (When Paid by Licensee) 
Rent, Heat, Light and Janitor Service ..... 

Salaries .......... 

Taxes (Excluding Federal and State Taxes on Income) : 

(a) Federal Social Security Taxes ..... 

(b) State and Local Taxes ...... 

(c) Miscellaneous ........ 

Telephone and Telegraph ....... 

Travel, Automobile Expenses and Allowances 

Other Expenses: 

(a) Bookkeeping and Corporation Services 

(b) Dues and Subscriptions ...... 

(c) Credit Reports ........ 

(d) Pension Fund Contribution . . . 

(e) Sundry ......... 



Home Office Expenses 
Allocated to Branches in Massachusetts 

Advertising ........ 

Auditing 

Pad Debts: 

(a) Charged off ... . 

(b) Addition to Reserve for Bad Debts 
Depreciation of Furniture, Fixtures, Equipment and Automobiles 
Insurance and Fidelity Bonds 
Legal Fees and Disbursements 
License Fees .... 
Postage and Express 
Printing, Stationery and Suppli( 
Recording and Acknowledging Fees (When Paid by Licensee) 
Rent, Light, Heat and Janitor Service 
Salaries ..... 



Taxes (Excluding Federal and State Taxes on Income) 

(a) Federal Social Security Taxes . 

(b) State and Local Taxes 

(c) Miscellaneous Taxes .... 
Telephone and Telegraph .... 
Travel, Automobile Expenses and Allowances 

Other Expenses: 

(a) Bookkeeping and Corporation Services 

(b) Dues and Subscriptions . 

(c) Credit Reports .... 

(d) Pension Fund Contribution 

(e) Supervision and Administration 

Total Expenses Before Income Taxes 
Federal Taxes on Income 
State Taxes on Income .... 



Total Expenses After Income Taxes 
Xet Earnings After Income Taxes 



$5,501,297.52 
60,657.49 
14,335.04 



337,826.00 
19,008.13 



307,232.04 
163,453.23 
41,894.56 
23,210.08 
55,488.38 
46,600.00 
63,313.11 
61,810.90 
8,059.70 
249,960.69 
1,809,072.88 

43,355.19 
40,719.74 
1,911.26 
180,250.77 
133,489.11 

32,644.82 
24,153.33 
34,660.47 
37,855.70 
160,957.97 



$64,280.52 
33,610.16 



5,220.73 
4,904.51 
17,478.71 
48,313.47 
409.69 
3,640.49 
29,599.81 
185.33 
22,101.63 
167.167.95 



2.767.20 
1,735.21 
9,452.04 
4,293.20 
22,450.72 



20,753.39 
5.176.41 
2,544.40 

11,026.88 
123.296.51 



554,522.69 
39,833.86 



$5,576,290.05 



$3,876,928.06 



$600,408.96 

$4,477,337.02 

594.356.55 

$5,071,693.57 
$504,596.48 



6 



P.D. 95 



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P.D. 95 7 

Exhibit F 

Statement of Financial Condition of Collateral Loan Company, 
Boston, as of October 29, 1954 

Assets 

Cash $119,469.60 

Loans Outstanding ............. 1,164,943.64 

Accounts Receivable ............. 

Notes Receivable ............. 

Merchandise Owned 17,450.25 

Other Assets : 

Bonds 21,000.00 

Treasury Stock 524,823.28 

Real Estate Less Depreciation 95,193.00 



Total Assets $1,942,879.77 

Liabilities and Capital 

Borrowers Surplus $3,651.78 

Suspense Account ............. 4,016.80 

Reserves : 

(a) Taxes 4,461.90 

(b) Contingencies 26,329.12 

Capital Stock 1,500,000.00 

Accounts Payable 631.20 

Surplus 403,788.97 



Total Liabilities 



$1,942,879.77 



8 



P.D. 95 



Exhibit G 

Licensed Small Loan Agencies 

Follow ing is a list of those engaged in the business of making small loans in the 
cities and towns in Massachusetts and licensed for the year ending September 30, 
1955: 

Boston 



Lie. No. 

*1 Collateral Loan Company 

5 Nestor-Hall Company 

15 Northeast Finance Corporation 

16 Household Finance Corporation 
20 Seaboard Finance Company, Inc. 
22 Personal Finance Company 

37 Capital Finance Corporation 

43 Family Loan Corporation of Massachusetts 

47 Savoy Finance Co. 

49 Household Finance Corporation 

53 Charles S. Bcatty Company 

57 Personal Finance Company 

63 Belmont Finance Company 

66 Personal Finance Company 

82 Household Finance Corporation 

83 Public Loan Company 

89 Commercial Credit Plan Incorporated 

92 Family Loan Corporation of Massachusetts 

93 Goodmans Finance Co. 
97 H. B. Budding Company 

102 Beacon Loan Co. 

106 Pul)lic Loan Company 

111 Public Loan Company 

117 Personal Finance Company 

126 State Loan Co. Inc. 

129 International Finance Company 

142 Globe Plan, Inc. 

143 Household Finance Corporation 

145 State Loan Co. 

149 Family Loan Corporation of Massachusetts 

176 Local Finance Company 

184 Public Loan Company 

189 Adams Finance Company, Inc. 

192 Firemen's Finance Company, Inc. 

193 Local Finance Company of Boston 
200 Public Loan Company 

202 Household Finance Corporation 

204 Personal Finance Company 

206 American Discount Corporation 

214 Auto Owners Finance Company, Incorporated 

216 Public Loan Company 

218 Public Loan Company 

223 Household Finance Corporation 

231 Personal Finance Company 

235 Personal Finance Company 

238 Coleman Finance Company, Inc. 

239 Workingmen's Loan Association, Inc. 
241 Seaboard Finance Company, Inc. 

246 Beacon Loan Co. — Old South 

247 Northeast Finance Corporation 

248 Universal Time Plan, Inc. 

267 Beacon Loan Co. — Park Square 

278 Friendly Loan Corporation 





Address 


Agent 


75 


Cornhill 


Donald E. Reid 


7 


Water St. 


Allis S. Olsen 


1601 


Blue Hill Ave., 


Charles J. Ahearn 




Mattapan 


80 


Boylston St. 


J. J. Cameron 


48 


Summer St. 


Arthur F. Porter, Jr. 


77 


Summer St. 


Francis T. Glynn 


148 


State St. 


Herbert S. Robbins 


1457 


Dorchester Ave., 


Melvin S. Bearse 




Dorchester 




230 


Boylston St. 


Mario Caliri 


175 


Tremont St. 


Joseph Foley, Jr. 


7 


Water St. 


Sylvia E. Clifford 


80 


Boylston St. 


Leo R. Hansburv 


333 


Washington St. 


Roland P. Pigeon 


761 


Dudley St., 


Sumner T. Lrann 




Dorchester 




294 


Washington St. 


W. L. Grant 


333 


Washington St. 


Hugh J. O'Neill 


780 


Commonwealth Ave. 


T. Q. Sullivan 


295 


W^ashington St. 


D. J. Sullivan 


209 


Washington St. 


Leslie J. Weinberg 


80 


Boylston St. 


Herbert B. Budding 


387 


W ashington St. 


Arthur E. Jasmin 


171 


Xremont St. 


Joseph H. Joseph 


145 


Tremont St. 


Raymond L. Hill 


5 


Bromfield St. 


Roger S. Mason 


584 


Columbia Rd., 


A. Gordon Howie 




Dorchester 




18 


Tremont St. 


Leo E. Bon 


31 


St. James Ave. 


Samuel M. Robbins 


598 


Columbia Rd., 


D. J. Doherty 




Dorchester 




619 


Washington St. 


Herbert B. Budding, Jr. 


161 


Massachusetts Ave. 


George P. Biagiotti 


79 


Milk St. 


Helen J. Cassidy 


1243 


River St., 


Theodore H. DeSimone 




Hyde Park 




1480 


Dorchester Ave., 


Samuel Levenbaum 




Dorchester 




294 


Washington St. 


John F. Looney 


453 


Washington St. 


James J. Kearns 


31 


St. James Ave. 


Domenico Campana 


59 


Temple Place 


J. N. McFadden 


47 


Poplar St., 


Hyman J. Levensohn 




Roslindale 


462 


Boylston St. 


James T. Lyons 


20 


Columbus Ave. 


A. C. White 


10 


Post Office Square 


Robert J. Mollica 


17 


Poplar St., 


John E. Saint 




Roslindale 


47 


Winter St. 


A. J. Homicz 



1232A River St., 

Hyde Park 
487 E. Broadway, 

South Boston 
18 Tremont St. 
8 Winter St. 
138 Brighton Ave., 

Allston 
294 Washington St. 
1872 Centre St., 

W. Roxbury 
209 Washington St. 
230 Boylston St. 
21 Porter St., 

East Boston 



James P. Donellon 

Felix A. DiPietro 

Louis Schwartz 
Matthew H. Rowell 
Clifford A. Lathrop, Jr. 

William A. Nickerson 

Frank A. Smith 
Charles O. Vine 
Marshall Fisher, Jr. 
Caspar F. Scimone 



98 Andover Finance Company 



Andover 

Musgrove Bldg., 
Elm Square 



Arthur Heifetz 



162 Public Loan Company 



Athol 
415 



Main St. 



Francis J. Colby 



P.D. 95 



License No. 



130 Public Loan Company 

182 Tri-Boro Finance Co. Inc. of Attleboro 

252 Blackstone Finance, Inc. 



Personal Finance Company 



Commercial Credit Plan Incorporated 

Local Finance Company of Brockton 

Public Loan Company 

Personal Finance Company 

Time Finance Corporation of Brockton 

Household Finance Corporation 



141 Household Finance Corporation 
160 Personal Finance Cornpany 
300 Bankers Commercial Cforporation 



Address 

Attleboro 

8 North Main St. 
98 Park St. 
24 Park St. 

Beverly 

222 Cabot St. 



Brockton 
37 
231 
142 
196 
47 
172 



Belmont St. 
Main St. 
Main St. 
Main St. 
West Elm St. 
Main St. 



BrOO KLINE 

286 Harvard St, 
269 Harvard St. 
1284 Beacon St. 

Cambridge 



Household Finance Corporation 
Personal Finance Company 
Workingmen's Loan Association, 
Public Loan Company 
Seaboard Finance Company, Inc. 



Inc. 



9 Merrimack Valley Finance Company, Inc. 

195 Personal Finance Company 

234 Personal Finance Company 

109 Wachusett Finance Corp. 

132 Danvers Finance Corporation 

3 Easthampton Finance Co. 

)1 Personal Finance Company 



678 
519 
580 
2 

552 
Chelmsford 



Massachusetts Ave. 
Massachusetts Ave. 
Massachusetts Ave. 
Central Square 
Massachusetts Ave. 



2 Groton Rd. 

Chelsea 

375 Broadway 

Chicopee 

272 Exchange St. 

Clinton 

70 High St. 

Danvers 

5 Elm St. 



Easthampton 

59 Union St. 

Everett 

433 Broadway 



Central Finance Co. of Fall River, Inc. 

Liberty Loan and Realty Co., Inc. 

B & M Loan, Inc. 

Household Finance Corporation 

Personal Finance Company 

Luzo Corporation of America 

Fall River Finance Company 

Commercial Credit Plan Incorporated 

Cascade Finance Company 

Local Finance Company of Fall River 

Eagle Finance Company 



Personal Finance Company 
Household Finance Corporation 
M-A-C Finance Plan, Inc. of Fitchburg 
Fitchburg Finance Corporation 
Public Loan Company of Fitchburg 



Fall River 
124 
204 
210 
13 
27 
26 
130 
51 
391 



150 

Fitchburg 

446 
455 
280 
759 
520 



S. Main St. 
Thomas St. 
Thomas St. 
Borden St. 
S. Main St. 
Rodman St. 
S. Main St. 
Franklin St. 
S. Main St. 
North Main St. 
Second St. 



Main St. 
Main St. 
Main St. 
Main St. 
Main St. 



Public Loan Company 
Personal Finance Company 
General Finance Corporation of Framingham 
Local Finance Company of Boston 
Household Finance Corporation of Framingham 



Framingham 

24 Union Ave. 
129 Concord St. 
129A Concord St. 

32 Union Ave. 
100 Concord St. 



) Franklin Loan Co. Inc. 

161 Public Loan Company 

232 Personal Finance Company 



Franklin 
32A 



Main St. 



Gardner 

Corner Pleasant 
and Parker Sts. 
2 Vernon St. 



Agent 



Herbert S. Nolan 
Walter R. Conroy 
Harry P. Johnstone, Jr, 



Paul S. Colahan 



James E. Perry 
Lincoln A. Shaw 
Ralph L. Duvall 
John D. Frates 
Paul Selfridge 
W. W. d'Entreniont 



J. T. Bailey 

Edward Hamilton, Jr. 

Webster A. Kefauver 



C. W. Munroe 
William H. Coss 
Paul A. Vogt 
William W. Hallahan 
Richard F. Gair 



Peter J. Koutouzis 
Joseph W. Downes 
Irving R. Rosazza 
Thomas J. Monahan 
John Katsaros 
Harry J. Frazier 
George F. Crowley 



Shelton J. Wrath 
L. Alfred Renaud 
Wilfred J. Poirier 
D. K. MacNeill 
Rolf F. Olson 
Ernest C. Ladeira 
Rolfe S. Ollerhead 
John L. Duclos 
John E. O'Connor 
Eugene P. Faerber 
Lena M. Solotist 



Michael Sandorse 
V. C. Warren 
William J. Leonard 
Lester H. Rome 



John L. Reilly 
Charles H. Winn 
James T. Flaherty 
Robert A. Boyce 
Paul J. Lund 



William F. Carberry 

Richard S. Thomas 
John P. McGrath 



10 



P.D. 95 



License No. 



59 Public Loan Company 



21 Pioneer Credit Corporation 
38 Community Credit Corporation 



Address 



146 
153 
270 
283 



105 
120 
186 
261 



40 
175 
215 
245 



Gloucester 

144^< Main St. 

Great Harrington 

333 Main St. 
312 Main St. 



Greenfield 

Personal Finance Company 239 Main St. 

Guaranty Loan Co. 278 Main St. 

The A and A Finance Corporation 27 Ames St. 

Household Finance Corporation of Greenfield 188-190 Main St. 

Haverhill 

Personal Finance Company -S4 Merrimack St. 

Public Loan Company 191 Merrimack St. 

New England Finance Corporation 21 Merrimack St. 

Household Finance Corporation of Haverhill 77-85 Merrimack St. 



Personal Finance Company 
Public Loan Company 
Holyoke Finance Corp. 

Household Finance Corporation of Holyoke 



Holyoke 

560 
346 
380 
276 



Dwight St. 
High St. 
High St. 
High St. 



Hyannis 

76 Personal Finance Company 428 Main St. 

284 Household Finance Corporation of Hyannis 396 Main St. 

Lawrence 

25 Signet Discount Co. 499 

30 Local Loan & Finance Co. Inc. 79 

114 Public Loan Company 301 

118 Broadway Loan Co. Inc. of Lawrence 43 

147 Personal Finance Company 27 

225 Industrial Credit Corporation of Lawrence 477 

262 Household Finance Corporation of Lawrence 316 

277 Community Loan Inc. of Lawrence 301 



Essex St. 
Common St. 
Essex St. 
Broadway 
Amesbury St. 
Essex St. 
Essex St. 
Essex St. 



Agent 
Roy A. Nason 



William F. Johnson 
C. Robert Rau 



Frank T. Deery 
Paul E. Sasseville 
Edward C. Shippey 
Louis E. Williams 



Joseph A. Kennedy 
Frank E. Buco 
Henry T. Martin 
Richard D. Combstock 



Marshall Hart 
Michael J. Clifford, 
Elliott Potter 
Clifford G. Dever 



John F. Miles 
Robert A. Reed 



Irving G. Sigilman 
Anthony Giordano 
Andrew L. Buco 
Sam Jensky 
George E. Holdsworth 
Joseph E. Nolet 
Charles H. Bennett 
George T. Kattar 



Leominster 



58 Wachusett Finance Corp. 
148 Personal Finance Company 
155 Leominster Finance Corporation 



14 Public Loan Company 

55 Personal Finance Company 

101 Advance Finance Company 

172 Household Finance Corporation 

179 Workingmen's Loan Association, Inc. 

208 Industrial Credit Corporation of New 



19 Public Loan Company 

41 United Insurance Finance Corporation 

80 Hanover Realty Corp. 

122 Personal Finance Company 

154 Household Finance Corporation 

168 Shore Finance Corporation 

198 Industrial Credit Corporation of Lynn 

253 Beacon Loan Co. of Lynn 



6 Household Finance Corporation 

72 Public Loan Company 

103 Workingmen's Loan Association, Inc. 

107 Personal Finance Company 

152 National Finance Company, Inc. 

227 State Loan Co. Inc. 



62 Mansfield Finance Company, Inc. 



65 Personal Finance Company 
171 Marlboro Finance Corp. 



31 Franklin Finance Corporation 
188 Household Finance Corporation 
199 Personal Finance Company 



250 Personal Finance Company 



30 


Main St. 


William L. Hauger 


30 


Main St. 


Harold E. Levine 


10 


Monument Square 


Anthony P. Angelini 


Lowell 






10 


Kearney Sq. 


Harold P. McWalter 


24 


Merrimack St. 


C. Daniel Anderson 


147 


Central St. 


Gerard A. Trepanier 


20 


Merrimack St. 


R. W. Medin 


97 


Central St. 


Joseph W. O'Connor 


nd 8 


Merrimack St. 


Walter J. Lehane 


Lynn 






35 


Central Square 


Anthony M. Taranto 


10 


Central Square 


Louis Backer 


86 


Summer St. 


Irving Kaplan 


22 


Central Ave. 


T. Alan Ross, Jr. 


"l 


Willow St. 


J. T. O'Brien 


342 


Broad St. 


Bernard Garfield 


38. 


Exchange St. 


John C. Dewey 


158 


Market St. 


Anthony A. Bellamy 


Malden 






351 


Main St. 


A. S. Musto 


416 


Main St. 


Leo F. Loschi 


31 


Pleasant St. 


John J. McCarthy 


431 


Main St. 


George S. Tucker 


50 


Pleasant St. 


John M. Patterson 


9 


Pleasant St. 


Millard A. Herbert 



Mansfield 

244 N. Main St. 

Marlborough 

186 Main St. 
217 Main St. 

Medford 

564 High St. 

1 1 Salem St. 

10 High St. 

Middleborough 

27 Center St. 



Ralph F. Dupree 



John J. T. Eckersall 
Samuel Kunen 



Ralph A. Yagjian 
W. E. Norton 
Leslie E. Moriarty 



Lionel Fortini 



P.D. 95 



11 



License No. 



Address 



MiLFORD 



Arilford Finance Corporation 
Berardi Loan Company, Inc. 
Personal Finance Company 
Local Finance Company of Boston 
Household Finance Corporation of Milford 



M-A-C Loan Plan, Inc. of Natick 



Wamsutta Finance Co. Inc. 
Luzo Corporation of America 
Personal Finance Company 
Community Plan Incorporated 
Household Finance Corporation 
Public Loan Company 
American Loan Society 
Preferred Loan Plan, Inc. 
Colonial Loan Company 



Personal Finance Company 



Personal Finance Company 



M-A-C Finance Plan, Inc. of North Adams 
The Citizens Loan Co. 
Personal Finance Company 



198 Main St. 

240 Main St. 

197 Main St. 

187 Main St. 

204A Main St. 

Natick 

llA West Central St. 



New Bedford 



222 
139 
222 
758 
849 
749 
96 
628 
1454 



Union St. 
Rivet St. 
LTnion St. 
Purchase St. 
Purchase St. 
Purchase St. 
William St. 
Pleasant St. 
Acushnet Ave. 



Newburyport 

65' State St. 



Newton 

313 Washington St. 

North Adams 

15 Bank St. 
54 Main St. 
59 Main St. 



54 Puhlic Loan Company 
121 Tri-Boro Finance Company, Inc. 



North Attleborough 

61 N. Washington St. 
11 S. Washington St. 



Northampton 

35 Northampton Loan and Finance Co. 26 Main St. 

113 M-A-C Finance Plan, Inc. of Northampton 25 Main St. 

217 William H. Ormond, Jr. 145 King St. 

264 Household Finance Corporation of Northampton 70 Main St. 

Norwood 

158 Public Loan Company 681 Washington St. 

196 Personal Finance Company 707 Washington St. 

282 Household Finance Corporation of Norwood 661 Washington St. 



Peabody 

70 Main St. 



Local Finance Company of Fall River 

PiTTSFIELD 

Signature Loan Company of Mass. Inc. 21 North St. 

Personal Finance Company 74 North St. 

Public Loan Company 137 North St. 

M-A-C Finance Plan. Inc. of Pittsfield 51 North St. 

Household Finance Corporation of Pittsfield 86 North St. 

Plymouth 

47 Main St. 



Personal Finance Company 



QUINCY 



Family Loan Corporation of Massachusetts 
Public Loan Company 
Personal Finance Company 
Prudential Financial Corporation of Quincy 
Household Finance Corporation 
Seaboard Finance Company, Inc. 



240 Revere Loan Agency 

257 Local Finance Company of Brockton 



56 State Loan Co. Inc. 

137 Personal Finance Company 

183 Household Finance Corporation 

271 Public Loan Company of Salem 



229 Saugus Finance Corp. 



10 
67 
1 

1426 
1372 
1511 

Revere 

1493 

Rockland 

IS 

Salem 

228 
64 

237 

Saugus 
337 



Chestnut St. 
Parkingway 
Granite St, 
Hancock St. 
Hancock St. 
Hancock St. 



Agent 



Jennie Morganelli 
Frank DiAntonio 
William J. Dalton 
Raymond E. Breault 
Robert E. Mitchell 



William V. Whelan 



Harold A. Tewell 
Alfred A. Rebello 
Joseph R. Anderson 
Irene T. Fitzgerald 
J. H. Rice, Jr. 
Howard J. Barrow 
James J. Sullivan 
Francis E. McLaughlin 
Joaquim P. Oliveira 



James W. Chapman 



Francis F. Mariner 



Helen V. Fallon 
Julia B. Levenson 
John J. Kocsis 



Milton G. Cook 
Ira L. Pollock 



Thomas J. Scanlon 
George E. Hickson 
William H. Ormond, Jr. 
Joseph K. Ghareeb 



George W. Briggs 
Gardner K. Mandeville 



Leo G. Provencher 



William J. Kidney 
William H. Deignan 
Edmund J. Mastrovito 
Kenneth B. Smith 
Robert F. Kempton 



Donald M. Caldwell 



Harold Swanson 
Tohn Roanowicz 
Eugene F. Hurd 
Robert L. Davis 
E. M. Grant 
Richard J. Barry, Jr. 



North Shore Road Frank W. Sterner 



Church St. 



Essex St. 
Washington St. 
Essex St. 
Essex St. 



Central St. 



Donald H. Matheson 



Henry P. Brooks 
Camille H. Vaillancourt 
C. A. Kellev 



Jean Sherman 



12 

License Xo. 



P.D. 95 



Address 



SOMERVILLE 



33 
96 
177 
211 
272 



187 
191 



8 
50 
60 
73 
78 
86 
91 
125 
139 
156 
163 
167 
212 
222 
276 



Personal Finance Company 258 

Family Loan Corporation of Massachusetts 7 

Household Finance Corporation 249 

State Loan Co. of Somerville 128 

Public Loan Company of Somer\Mlle 399 



Elm St. 
Davis Square 
Elm St. 
Dover St. 
Highland Ave. 



Public Loan Company 
Morrison Finance Corporation 



SOUTHBRIDGE 

284 Main St. 
268 Main St. 

Springfield 



M-A-C Finance Plan. Inc. of Springfield 50 Vernon St. 

Workingmen's Loan Association, Inc. 1277 Main St. 

The New Method Finance Corporation 1562 Main St. 

Personal Finance Company 1618 Main St. 

Springfield Acceptance Co. 1490 Main St. 

Beacon Loan Co. of Springfield 1383 Main St. 

Associates Loan Company, Inc. 1200 Main St. 

Ideal Budget Plan. Inc. 1421 Main St. 

Household Finance Corporation 1387 Main vSt. 

Industrial Credit Corporation of Springfield 18 Vernon St. 

Public Loan Company 1570 Main St. 

Commercial Credit Plan Incorporated 340 Bridge St. 

Guaranty Loan Plan of Springfield, Inc. 1537 Main St. 

First Personal Bankers, Inc. 21 Elm St. 

Seaboard Finance Compan, Inc. 1597 Main St. 



230 Continental Acceptance Corp. 



67 Taunton Loan Company 

70 Beacon Finance Co. of Taunton 

81 Personal Finance Company 

258 Local Finance Company 

268 Blackstone Finance, Inc. 



237 Personal Finance Company 



79 Household Finance Corporation 

123 Public Loan Company 

135 Personal Finance Company 

244 Seaboard Finance Company, Inc. 



17 Ware-Palmer Finance Co. 
138 Suburban Finance Corporation 
164 Crown Finance Company, Inc. 



108 Pioner Loan & Finance Corporation 
112 Personal Finance Company 



127 G. S. K. Finance Corporation 



SWAMPSCOTT 

161 Burrill St. 

Taunton 

28 



Broadway 
Taunton Green 
Main St. 
City Square 
Trescott St. 



Wakefield 

409A Main St. 
Waltham 
4 

353 
371 
400 



Gordon St. 
Moody St. 
Moody St. 
Moody St. 



Ware 



Main St. 



Watertown- 

2A Mt. Auburn St. 
Webster 

224 Main St. 
Westfield 

99 Elm.St. 
90 Elm St. 

Whitinsville 

85 Church St. 



WOBURN 



128 Woburn Finance Corporation 

205 Personal Finance Company 

259 Local Finance Company 

266 Household Finance Corporation of Wobum 



34 7 A Main St. 

377 Main St. 

457 Main St. 

4 Federal St. 



Worcester 



13 Public Loan Company 

34 Italian Finance Cfompany of Worcester 

68 American Loan Society 

69 Public Loan Company 

94 Commercial Credit Plan Incorporated 

115 Personal Finance Company 

119 M-A-C Finance Plan, Inc. of Worcester 

124 Associates Loan Company, Inc. 

131 Household Finance Corporation 

157 Workingmen's Loan Association, Inc. 

174 Signature Loan Company of Mass. Inc. 

210 The New Method Finance Corporation 

213 Auto Owners Finance Company, Incorporated 

221 M-A-C Loan Plan, Inc. 

224 Household Finance Corporation 

249 Seaboard Finance Company, Inc. 

251 Beacon Loan Co. of Worcester 

* Chartered 



Main St. 
Shrewsbury St. 
Main St. 
Main St. 
Main St. 
Franklin St. 
Mechanic St. 
Main St. 
BIdg. #2. Lincoln Pla 
Shopping Center 
2 Foster St. 
Main St. 
Main St. 
Foster St. 
Main St. 
Main St. 
Main St. 
Main St. 



390 
157 
507 
507 
507 

1? 

34 
791 



421 
544 
12 
332 
390 
405 
418 



Agent 



Francis B. Cloonen 
Eddie J. Toone 
S. C. Whynock 
Morton D. Dickev 



Harry J. Bradley 
Alfred L. Morrison 



N. Wayne St. John 
James Gray 
Thomas H. Conroy 
Kenneth B. Hansen 
Chester W. Brown 
William R. Harlow 
T. J. Mahoney 
Robert H. Fuss 
J. E. DePace 
Edward C. Barlow 
Walter A. Fredrickson 
Earl F. Schenck 
Elizabeth H. Ginsbersr 
Walter R. Orell 
William G. Turner. Jr. 



Frarces E. Parsons 



Joseph B. Arruda 
John L. Guthrie 
Raymond E. Connolly 
Cleatus L. Heath 
Harry P. Johnstone, Jr. 



Albert T. Morgan 



A. C. McNeish 



Edward J. Fav 
Leo E. Noel 
George C. Allen 



Mabel Xelligan 
Ravenel L. Collins 
Corinne E. Pratt 



Thomas P. Corcoran 
William S. McCann 



Zaray A. Kizirbohosian 



Albert J. Harris, Jr. 
James J. Murray, Jr. 
Joseph R. Crowe 
Joseph M. Collins 



Thomas A. Sepe 
Pompeo Ermilio 
Raymond A. DePauw 
Lewis C. Gillett 
Winthrop W. White 
Robert H. Blanchard 
Irene L. Benoit 
Emery Kovacs 
E. W. Adams 

Edmund B. Houghton 
Nathaniel F. Chandlev 
Alfred F. Wilmouth 
Ernest C. Burns 
Edward A. Tarquinio 
T. H. Mills. Jr. 
William G. Turner 
William P. Macera 



PUBLIC DOCUMENT No. 95 5^5 

Wsst CommoniDealtl) of iWassiacfjusietts; 



ANNUAL REPORT 



OF THE 



BUREAU OF LOAN AGENCIES 



FOR THE 



LICENSE YEAR ENDED SEPTEMBER 30, 1955 



DEPARTMENT OF BANKING AND INSURANCE 
V Division of Banks and Loan Agencies 

CHARLES P. HOWARD 
Commissioner of Banks 




Publication of This Document Approved by George J. Cronin, State Purchasing Agent. 
600-6-56-917808 



2 



mmmumaiaKm 



P.D. 95 



Cfje Commcmtoealtt) of iflasJs^acjjufiettg 

STATE HOi:^ BOSTON 

**^OFFTaALS 

BUREAU OF LOAN AGENCIES 

Room 109C, State House, Boston 

ANNUAL REPORT FOR LICENSE YEAR ENDED 
SEPTEMBER 30, 1955 

(Pursuant to provisions of Section 98 of General Laws (Ter. Ed.) 
Chapter 140) 

To the Honorable Senate and House of Representatives 
of the Commonwealth of Massachusetts: 

During the license year beginning October 1, 1954 and ending September 30, 
1955, there were issued a total of two hundred and seventy-nine licenses to engage 
in the business of making loans of $300 or less under the supervision of this depart- 
ment. Two hundred and thirty-one of these licenses represented renewals, while 
forty-five new licenses were issued. Fifteen of the licensed companies did no 
business under their licenses during the license year. 

In addition to the licensed agencies, there was one company subject to super- 
vision which operates under a special charter. Since this company operates in a 
manner resembling that of a pawnbroker, its operational figures are not included 
in the statistical compilation. However, a statement of the financial condition of 
that company is shown in the exhibits in compliance with Chapter 62, Section 2, 
of the Acts of 1949. 

In the license year just ended 203,692 loans amounting to $39,578,695.07 were 
made. These figures represent a decrease of 14,064 in the number of loans made 
and $2,221,188.97 in the amount of loans made during the last previous twelve- 
month period. With respect to the loans made of $100 or less which are included 
in the foregoing figures, the decrease was 5,843 in number and $475,271.47 as to 
amount. On September 30, 1955 there were 152,328 loans outstanding with a 
book value of $21,948,694.22. 

Gross income for the period totaled $5,277,557.38 of which $70,889.76 repre- 
sented recoveries on loans previously charged off. Operating expenses aggregating 
$4,350,657.08 include $626,240.47 of home office expenses; charge-offs on bad debts 
amount to $290,987.86 and additions of $144,764.69 to valuation reserves combine 
to make an expense total of $4,786,409.63 which, deducted from gross income, 
leaves a balance of $491,147.75 representing net earnings before deductions of 
interest paid on borrowed funds. 

Respectfully submitted, 

Martin J. Hanley 

Supervisor of Loan Agencies 

Approved : 

Charles P. Howard 

Commissioner of Banks 



'.D. 95 



3 



TABLE OF EXHIBITS 

Exhibit A. Composite Statement of Financial Condition. 

Exhibit B. Composite Statement of Profit and Loss. 

Exhibit C. Analysis of Loans by Size. 

Exhibit D. Analysis of Loans by Types of Securities. 

Exhibit E. Small Loans Made for the Last Five Years. 

Exhibit F. Statement of Financial Condition of Collateral 
Loan Company, Boston. 



4 P.D. 95 

Exhibit A 

Composite Statement of Financial Condition September 30, 1955 



Assets and Liabilities 

261 Licensees 

Assets 

Cash in Ofl&ce and in Banks ......... 

Loans Receivable of $300 or Less ........ 

Real Estate (Less Accumulated Depreciation — Buildings) .... 

Furniture, Fixtures, Equipment and Automobiles (Less Accumulated Depre- 
ciation) ............ 

Deferred Charges ........... 

Organization and Development Expense ....... 

Cost of Financing ........... 

Prepaid Expense on Accounts Purchased ....... 

Other Assets: 

(a) Miscellaneous Accounts Receivable ....... 

(b) Accrued Interest Receivable ........ 

(c) Investments ........... 

(d) Miscellaneous .......... 

Total Assets 

Liabilities and Capital 

Accounts and Notes Payable: 

(a) Banks ............ 

(b) Due to Parent Company or Affiliates ...... 

(c) Other Short-Term Notes and Accounts ...... 

Other Liabilities: 

(a) Accrued Expenses .......... 

(b) Other 

Bonds ............. 

Treasury Certificates .......... 

Valuation Reserves: 

(a) Bad Debts 

(b) Purchased Accounts (Face Value Less Purchase Price) 

(c) Other 

Expense Reserves: 

(a) Taxes ............ 

(b) Other 

Branch Ofifice Capital (Home Office Control) ...... 

Net Worth (if Individual or Partnership) 

Capital Stock (if Corporation) : 

(a) Preferred ........... 

(b) Common ........... 

Appropriated Surplus or Capital Reserves ....... 

Retained Earnings ........... 

Total Liabilities and Capital ........ 



P.D. 95 



5 



Exhibit B 

Composite Statement of Profit and Loss for License 
Year Ended September 30, 1955 



261 Licensees 

Gross Income Derived From Small Loan Business 

Charges on Loans of $300 or Less .... 

Collections on Accounts Previously Charged Off 

Other Income ........ 



Total Gross Income Derived From Small Loan Business 



Expenses of Conducting Small Loan Business 
in Massachusetts 



Advertising ...... 

Auditing ....... 

Bad Debts: 

(a) Charged Off 

(b) Addition to Reserve 
Depreciation of Furniture, Fixtures, Equipment and 
Insurance and Fidelity Bonds 

Legal Fees and Disbursements 

License Fees ...... 

Postage and Express ..... 

Printing, Stationery, and Supplies 
Recording and Ackno^ ledging Fees (\\*hen Paid by 



Rent, Heat, Light and Janitor Service 
Salaries 

Taxes (Excluding Federal and State Taxes on Income) : 

(a) Federal Social Security 

(b) State and Local .... 

(c) Miscellaneous ..... 
Telephone and Telegraph .... 
Travel, Automobile Expenses and Allowances 
Other Expenses: 



(a) 
(b) 
(c) 
^d) 
(e) 



Bookkeeping and Corporation Services 
Dues and Subscriptions 
Credit Reports .... 
Pension Fund Contribution 
Sundry ...... 



Automob 



Licensee) 



les 



Home Office Expenses 
Allocated to Branches in Massachusetts 



Automobi 



les 



Licensee) 



.-^.dvertising ...... 

Auditing ....... 

Bad Debts: 

(a) Charged Off 

(b) Addition to Reserve . 
Depreciation of Furniture, Fixtures, Equipment and 
Insurance and Fidelity Bonds 
Legal Fees and Disbursements 
License Fees ...... 

Postage and Express . . 

Printing, Stationery, and Supplies 
Recording and Acknowledging Fees (When Paid by 
Rent, Heat, Light and Janitor Service . 
Salaries 

Taxes (Excluding Federal and State Taxes on Income) 

(a) Federal Social Security 

(b) State and Local .... 

(c) Miscellaneous ..... 
Telephone and Telegraph .... 
Travel, Automobile Expenses and Allowances 
Other Expenses: 

(a) Bookkeeping and Corporation Services 

(b) Dues and Subscriptions 

(c) Credit Reports .... 

(d) Pension Fund Contributions 

(e) Supervision and Administration . 

Total Expenses Before Income Taxes 
Federal Taxes on Income .... 
State Taxes on Income 

Total Expenses After Income Taxes . 

Net Earnings .After Income Taxes, but Before Cost of Borrowed Funds 



$5,184,743.41 
70.889.76 
21,924.21 



$ 321,026.70 
16,237.16 

290,987.86 
144,764.69 
46,234.05 
24,503.35 
57,080.60 
52,200.00 
55,849.07 
67,513.32 
5.615.84 
254,918.67 
1.745.144.49 

44,542.72 
27,243.57 
2,083.48 
170,671.06 
123,829.48 

35,802.55 
16,120.37 
36,938.74 
35,922.51 
154,835.56 



566,191.55 
31,346.09 



5,049.85 
7,681.20 
16,458.30 
55.094.72 
606.56 
4.575.46 
33.308.61 
209.90 
28,349.31 
179.271.98 

3,726.72 
11,078.36 
7.07 

4,704.11 
23,106.90 

26,622.53 
1.133.59 
1.439.12 

15.605.03 
110.673.51 



384,528.71 
45.574.61 



$5,277,557.38 



$3,730,065.84 



626.240.47 
4.356.306.31 
430.103.32 
$4,786,409.63 
$ 491,147.75 



6 



P.D. 95 



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7 



Exhibit F 

Statement of Financial Condition of Collateral Loan Company, 
Boston, as of September 30, 1955 



Assets 

Cash ' $ 159,434.11 

Loans Outstanding 1,086,963.91 

Accounts Receivable ............ 1,463.00 

Notes Receivable ............. 

Merchandise Owned 20,420.25 

Other Assets: 

Bonds . . . . . 50,400.00 

Treasury Stock 525,813 28 

Real Estate Less Depreciation 93,193.00 

Total Assets $1,937,687.55 

Liabilities and Capital 

Borrowers' Surplus ............$ 2,146.27 

Suspense Account ............ 4,339.53 

Reserves: 

(a) Taxes 5,884.56 

(b) Contingencies 26,329.12 

Capital Stock 1,500,000.00 

Accounts Payable ............ 73.75 

Surplus 398,914.32 

Total Liabilities $1,937,687.55 



I 



33:1 frJ3 

PUBLIC DOCUMENT No. 95 /<^^^ 

W^t dommottmpaltli of MasBarljusrtta 



ANNUAL REPORT 

OF THE 

BUREAU OF LOAN AGENCIES 

FOR THE 

License Year Ended September 30, 1956 

SS. ' DEPARTMENT OF BA NKING AND_INSURANCE; 
. Division of Banks and Loan Agencies 

CHARLES P. HOWARD 
Commissioner of Banks 




Publication of this Document Approved by George J. Cronin, State Purchasing Agent 
600-6-57-920451 



2 



P.D. 95 



HOUSE, BOSTON 

BUREAU OF LOAN AGENCIES 
Room 109C, State House, Boston 

ANNUAL REPORT FOR LICENSE YEAR ENDED SEPTEMBER 30, 1956 

(Pursuant to provisions of Section 98 of General Laws (Ter. Ed.) 
Chapter 140) 

Tojhe Honorable Senate and House of Representatives 
of the Commonwealth of Massachusetts: 

At the end of the license year, September 30, 1956, there were two hundred eighty- 
eight licensed companies in operation. 

In addition to the licensed agencies, there was one company subject to supervision 
which operates under a special charter. Since this company operates in a manner 
resembling that of a pawnbroker, its operational figures are not included in the statis- 
tical compilation. By decree of the Supreme Judicial Court, dated October 3, 1956, 
this company was dissolved. 

In the license year just ended 196,827 loans amounting to $38,422,569.28 were made. 
These figures represent a decrease of 6,865 in the number of loans made and 
$1,156,194.44 in the amount of loans made during the last previous twelve month 
period. With respect to the loans made of .^lOO or less which are included in the 
foregoing figures, the decrease was 2,295 in number and $232,418.35 as to amount. On 
September 30, 1956 there were 144,142 loans outstanding with a book value of 
S21, 147,550.09. 

Gross income for the period totaled $4,942,072.26 of which $84,756.21 represented 
recoveries on loans previously charged off. Operating expenses aggregating $4,153,130.84 
include $564,400.78 of home office expenses; charge-ofEs on bad debts amount to 
$272,722.84 and additions of .SI 55,500.53 to va- nation reserves combine to make 
an expense total of $4,581,353,-71 which, deducted from gross income, leaves a 
balance of $360,718.55 representing net earnings before deductions of interest paid on 
borrowed funds. 

The above statements are based on figures compiled from annual reports to the 
Supervisor of Loan Agencies as presented by all licensed lendex~s and, due to substantial 
allocations, are, as in previous Docum.ent ^95 reports, approximate. 

This report pertains to loans of $300 or less, which represents only a minor portion 
of the business conducted in these companies. All common asset, liability and expense 
accounts are allocated on a formula set forth by the department. 

Under a bill which became effective May 21, 1957, the annual report period was 
changed from a license year to a calendar year, effective for the period ending December 
31, 1957. 

Respectfully submitted, 

Martin J. Hanley 

Supervisor of Loan Agencies 

Approved: 
Charles P. Howard 

Commissioner of Banks 



P.D. 95 



3 



TABLE OF EXHIBITS 

Exhibit A. Composite Statement of Financial Condition. 

Exhibit B. Composite Statement of Profit and Loss. 

Exhibit C. Analysis of Loans by Size. 

Exhibit D. Analysis of Loans by Types of. Security. 

Exhibit E. Small Loans Made for the Past Five Years. 



4 P.D. 95 

Exhibit A 

Composite Statement of Financial Condition September 30, 1956 



Assets and Liabilities 

283 Annual Reports 

Assets 

Cash in Office and in Banks 

Loans Receivable of $300 or Less 

Real Estate (Less- Accumulated Depreciation-Buildings) . . . . 

Furniture, Fixtures, Equipment and Automobiles (Less- Accumulated De- 
preciation) 

Deferred Charges and Prepaid Expenses 

Organization and Development Expense 

Cost of Financing ........... 

Prepaid Expense on Accounts Purchased ....... 

Other Assets: 

(a) Miscellaneous Accounts Receivable ....... 

(b) Accrued Interest Receivable 

(c) Investments ........... 

(d) Miscellaneous 

Total Assets 

Liabilities and Capital 
Accounts and Notes Payable: 

(a) Banks 

(b) Due to Parent Company or Affiliates 

(c) Other Short Term Notes and Accounts 

Bonds .............. 

Treasury Certificates 

Other Liabilities: 

(a) Accrued Expenses 

(b) Unearned Discount 

(c) Other 

Valuation Reserves: 

(a) Bad Debts . 

(b) Purchased Accounts (Face Value Less Purchase Price) . 

(c) Other 

Expense Reserves: 

(a) Taxes 

(b) Other 

Branch Office Capital (Home Office Control) 

Net Worth (if Individual or Partnership) 

Capital Stock (if Corporation) : 

(a) Preferred 

(b) Common 

Appropriated Surplus or Capital Reserves 

Additional Paid-in Capital 

Retained Earnings 

Total Liabilities and Capital ........ 



P.D. 95 



5 



Exhibit B 

Composite Statement of Profit and Loss for License Year 
Ended September 30, 1956 



283 Annual Reports 

Gross Income Derived From Small Loan Business 
Charges on Loans of $300 or Less ..... 
Collection on Accounts Previously Charged Off . 

Fees Collected (When Authorized) 

Other Income ......... 



Total Gross Income Derived From Small Loan Business . 

Expenses of Conducting Small Loan Business 
in Massachusetts 
Advertising ........... 

Auditing ........... 

Bad Debts: 

(a) Charged Off 

(b) Addition to Reserve ....... 

Depreciation of Furniture, Fixtures, Equipment and Automobiles 

Insurance and Fidelity Bonds 

Legal Fees and Disbursements ....... 

License Fees 

Postage and Express 

Printing, Stationery and Supplies 

Recording and Acknowledging Fees ...... 

Rent, Heat, Light and Janitor Service ...... 

Salaries ........... 

Taxes (Excluding Federal and State Taxes on Income) : 

(a) Federal Social Security ....... 

(b) State and Local 

(c) Miscellaneous 

Telephone and Telegraph 

Travel, Automobile Expenses and Allowances .... 
Other Expenses: 

(a) Bookkeeping and Corporation Services .... 

(b) Dues and Subscriptions ....... 

(c) Credit Reports . 

(d) Pension Fund Contribution 

(e) Sundry .......... 

Home Office Expenses 
Allocated to Branches in Massachusetts 

Advertising 

Auditing ...... 

Bad Debts: 

(a) Charged Off 

(b) Addition to Reserve ........ 

Depreciation of Furniture, Fixtures, Equipment and Automobiles 

Insurance and Fidelity Bonds 

Legal Fees and Disbursements i 

License Fees ......... 

Postage and Express ......'.'.".* 

Printing, Stationery and Supplies 

Recording and Acknowledging Fees ...... 

Rent, Heat, Light and Janitor Service 
Salaries 

Taxes (Excluding Federal and State Taxes on ' Income) :" 

(a) Federal Social Security 

(b) State and Local [ 

(c) Miscellaneous ...... 

Telephone and Telegraph ■ [ [ ' 

Travel, Automobile Expenses and Allowances . . . '. 
Other Expenses: 

(a) Bookkeeping and Corporation Services .... 

(b) Dues and Subscriptions 

(c) Credit Reports [ 

(d) Pension Fund Contribution 

(e) Supervision and Administration . . . . . 

Total Expenses Before Income Taxes and Cost of Borrowed 

Funds . 

Federal Taxes on Income . '. 

State Taxes on Income '. '. 

Total Expenses After Income Taxes, but Before Cost of Bor- 
rowed Funds 

Net Earnings After Income Taxes, but Before Cost of Bor- 
rowed Funds ...... 



$4,833,098.85 
84,756.21 



24,217.20 



370,785.40 
18,361.78 

272,722.34 
155,500.53 

52,789.77 
21,252.46 
67,693.51 
61,000.00 
53,636.06 
72,238.15 
4,669.71 
272,521.94 
1,700,642.18 

37.551.60 
33,290.14 
3,656.73 
165.755.27 
116,257.20 

28,941.32 
42,824.19 
37,659.05 
32,980.66 
142,244.11 



53,330.12 
29,333.99 



10,017.36 
6,116.13 

13,953.22 
50,729.45 
580.66 
4,240.97 
35,046.51 
1,642.29 
28,535.59 
156,195.08 

3,251.37 
925.41 
9,986.89 
4,514.55 
22,146.93 

25,4S9.7f 

838.22 
1,519.92 
12,311.31 
93,725.04 



$234,303.80 
17,675.03 



$4,942,072.26 



3,764,974.10 



564,400.78 

$4,329,374.88 
251,978.83 

$4,581,353.71 

360.718.55 



6 



P.D. 95 



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PUBUC DOCUMENT No. 95 SCS^Jl 



I 



ANNUAL REPORT 

OF THE 

BUREAU OF LOAN AGENCIES 

FOR THE 
Year Ended December 31, 1957 

. X L^^li^/ DEPARTMENT OF BANKING AND INSURANCE ' 
^ 

. Division of Banks and Loan Agencies 

- 

EDWARD A. COUNIHAN, III 
Commissioner of Banks 




Publication of this Document Approved by Bernard Solomon, State Purchasing Agent 
1000-6-58-923153 



1^, 



2 



\~r. - ^ ^^^^^^^^ 

STATE LIBRARY If MASSACHlRtir? 



P.D. 95 



STATE HOUSE, BOSTON 
BUREAU OF LOAN AGENCIES 

Room 109C, State House, Boston 
MASSO: 

ANNUAL REPORT FOR YEAR ENDED DECEMBER 31, 1957 

(Pursuant to provisions of Section 98 of General Laws (Ter. Ed.) 
Chapter 140) 

To the Honorable Senate and House of Representatives 
of the Commonwealth of Massachusetts: 

As of December 31, 1957 there were three hundred and two small loan licenses 
outstanding. 

In the year just ended 181,131 loans amounting to $35,407,080.82 were made. 
These figures represent a decrease of 15,696 in the number of loans made and 
$3,015,488.46 in the amount of loans made during the previous twelve month 
period. With respect to the loans made of $100 or less which are included in the 
foregoing figures, the decrease was 6,264 in number and $479,488.35 as to amount. 
On December 31, 1957 there were 136,520 loans outstanding with a book value 
of $20,545,631.47. 

Gross income for the period totaled $4,689,023.38 of which $68,139.52 repre- 
sented recoveries on loans previously charged off. Operating expenses aggregat- 
ing $3,861,261.67 include $565,425.46 of home office expenses; charge-offs on 
bad debts amounting to $185,066.39 and additions of $328,191.54 to valuation 
reserves combine to make an expense total of $4,374,519.60 which, deducted 
from gross income, leaves a balance of $314,503.78 representing net earnings 
before deductions of interest paid on borrowed funds. 

The above statements are based on figures compiled from annual reports to 
the Supervisor of Loan Agencies as represented by all licensed lenders and are 
tested by accountants of this Bureau by examination of the original records 
and by statistical comparisons. 

All common assets, liability and expense accounts are allocated on a formula 
established by this Bureau. 

Respectfully submitted, 

Martin J. Hanley 

Supervisor of Loan Agencies 
and Deputy Commissioner 

Approved: 

Edward A. Counihan, III 

Commissioner of Banks 



'.D. 95 



3 



TABLE OF EXHIBITS 



Exhibit A. Composite Statement of Financial Condition 
(Small Loan Business of $300 and Less). 

Exhibit B. Composite Statement of Profit and Loss 
(Small Loan Business of $300 and Less). 

Analysis of Loans by Size 
(Loans of $300 and Less) . 

Analysis of Loans by Types of Security 
(Loans of $300 and Less) . 

Small Loans Made for the Past Five Years. 

Consolidated Statement of Financial Condition 
(Small Loan, Large Loan and Other Business). 



Exhibit C. 

Exhibit D. 

Exhibit E. 
Exhibit F. 



Exhibit G. 



Consolidated Statement of Profit and Loss 
(Small Loan, Large Loan and Other Business). 



4 



P.D. 95 



Exhibit A 

Composite Statement of Financial Condition December 31, 1957 
Small Loan Business of $300.00 and Less 



Assets and Liabilities 

292 Annual Reports 

Assets 

Cash in Office and in Banks .......... 

Loans Receivable of $300 or Less ......... 

Real Estate (Less- Accumulated Depreciation-Buildings) . . . . 

Furniture, Fixtures, Equipment and Automobiles (Less- Accumulated De- 
preciation) ............ 

Deferred Charges and Prepaid Expenses ....... 

Organization and Development Expense ....... 

Cost of Financing ............ 

Prepaid Expense on Accounts Purchased 

Other Assets: 

(a) Miscellaneous Accounts Receivable 

(b) Accrued Interest Receivable ........ 

(c) Investments 

(d) Miscellaneous 

Total Assets 



Liabilities and Capital 

Accounts and Notes Payable: 

(a) Banks 

(b) Due to Parent Company or Affiliates ..... 

(c) Other Notes and Accounts 

Bonds 

Treasury Certificates ......... 

Other Liabilities: 

(a) Accrued Expenses 

(b) Unearned Charges 

(c) Other 

Valuation Reserves: 

(a) Bad Debts 

(b) Purchased Accounts (Face Value Less Purchase Price) . 

(c) Other 

Expense Reserves: 

(a) Taxes 

(b) Other 

Branch Office Capital (Home Office Control) .... 
Net Worth (if Individual or Partnership) ..... 
Capital Stock (if Corporation) : 

(a) Preferred 

(b) Common 

Appropriated Surplus or Capital Reserves 

Additional Paid-in Capital 

Retained Earnings 

Total Liabilities and Capital 



Licensed Agencies 
302 



$1,175,929.49 
20,545,631.47 
34,811.73 

376,575.06 
60,303.03 

121,910.71 
12,105.77 
22,780.83 

179,442.74 
52,330.06 
209,098.66 
116,824.33 

$22,907,743.88 



$1,055,952.92 
7,927,657.21 
856,993.08 
518,171.26 
516,104.94 



50,372.69 



30,986.43 

482,035.94 
234.45 
7,054.87 

153,982.29 
4,962.13 
9,083,779.69 
49,547.41 

431,364.48 
1,441,884.24 
52,771.83 

583,716.00 
(339,827.98) 

$22,907,743.88 



P.D. 95 



5 



Exhibit B 

Composite Statement 
Ended 
Small Loan 



OF Profit and Loss for the Year 
December 31, 1957 
Business of §300 or Less 



292 Annual Reports 

Gross Income Derived From Small Loan Business 

Charges on Loans of $300 or Less 

Collection on Accounts Previously Charged Off .... 

Fees Collected (When Authorized) ...... 

Other Income 

Total Gross Income Derived From Small Loan Business . 

Expenses of Conducting Small Loan Business in Massachusetts 

Advertising 

Auditing 

Bad Debts: 

(a) Charged Off 

(b) Addition to Reserve . . . . . . . _ . 

Depreciation of Furniture, Fixtures, Equipment and Automobiles 

Insurance and Fidelity Bonds 

Legal Fees and Disbursements ....... 

License Fees ........... 

Postage and Express . . . 

Printing, Stationery and Supplies ...... 

Recording and Acknowledging Fees ...... 

Rent, Heat, Light and Janitor Service 

Salaries ........... 

Taxes (Excluding Federal and State Taxes on Income) : 

(a) Payroll 

(b) State and Local 

(c) Miscellaneous ......... 

Telephone and Telegraph 

Travel, Automobile Expenses and Allowances .... 
Other Expenses: 

(a) Bookkeeping and Corporation Services .... 

(b) Dues and Subscriptions . 

(c) Credit Reports . 

(d) Pension Fund Contribution ...... 

(e) Sundry 



Home Office Expenses 
Allocated to Branches in Massachusetts 
Advertising ........... 

Auditing 

Bad Debts: 

(a) Charged Off 

(b) Addition to Reserve 

Depreciation of Furniture, Fixtures, Equipment and Automobiles 
Insurance and Fidelity Bonds ....... 

Legal Fees and Disbursements 

License Fees 

Postage and Express ......... 

Printing, Stationery and Supplies ...... 

Recording and Acknowledging Fees ...... 

Rent, Heat, Light and Janitor Service 

Salaries ........... 

Taxes (Excluding Federal and State Taxes on Income) : 

(a) Payroll 

(b) State and Local 

(c) Miscellaneous ......... 

Telephone and Telegraph 

Travel, Automobile Expenses and Allowances .... 
Other Expenses: 

(a) Bookkeeping and Corporation Services . . . . 

(b) Dues and Subscriptions 

(c) Credit Reports 

(d) Pension Fund Contribution ...... 

(e) Supervision and Administration ..... 

Total Expenses Before Income Taxes and Cost of Borrowed 
Funds 

Federal Taxes on Income 

State Taxes on Income ........ 

Total Expenses After Income Taxes, but Before Cost of Bor- 
rowed Funds 

Net Earnings After Income Taxes, but Before Cost of Borrowed 
Funds 



$4,612,074.39 
68,139.52 



8,809.47 



$ 285,966.49 
18,033.61 

185,066.39 
328,191.54 
57,106.77 
35,300.63 
57,362.36 
58,250.00 
50,892.84 
58,501.64 
3,436.86 
268,216.21 
1,591,797.70 

47,350.99 
23,294.75 
651.85 
164,129.94 
98,418.22 

37,653.21 
42,017.47 
37,564.63 
40,243.78 
147,760.50 



$40,635.63 
28,083.90 



4,651.74 
6,536.91 
6,231.07 
37,473.83 
571.65 
6,696.91 
37,719.92 
395.11 
21,634.73 
183,197.83 

5,914.66 
11,570.11 
154.16 

6,132.66 
22,298.19 

20,925.31 
4,387.07 
1,605.08 
13,729.19 
104,879.80 



$ 159,197.22 
12,688.54 



$4,689,023.38 



3,637,208.38 



565,425.46 

$4,202,633.84 
171,885.76 

$4,374,519.60 

314,503.78 



6 



P.D. 95 



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P.D. 95 



7 



Exhibit F 

Consolidated Statement of Financial Condition December 31, 1957 
Small Loans, Large Loans and Other Business Conducted in Massachusetts 



Assets and Liabilities 

292 Annual Reports 

Assets 

Cash in Office and in Banks 

Loans iReceivable 

Real Estate (Less-Accumulated Depreciation-Buildings) . . . . 
Furniture, Fixtures, Equipment and Automobiles (Less- Accumulated De- 
preciation) ............. 

Deferred Charges and Prepaid Expenses 

Organization and Development Expense ....... 

Cost of Financing ............ 

Prepaid Expense on Accounts Purchased ....... 

Other Assets: 

(a) Miscellaneous Accounts Receivable 

(b) Accrued Interest Receivable ........ 

(c) Investments ........... 

(d) Miscellaneous 

Total Assets 

Liabilities and Capital 
Accounts and Notes Payable: 

(a) Banks 

(b) Due to Parent Company or Affiliates 

(c) Other Notes and Accounts 

Bonds 

Treasury Certificates 

Other Liabilities: 

(a) Accrued Expenses 

(b) Unearned Charges 

(c) Other 

Valuation Reserves: 

(a) Bad Debts 

(b) Purchased Accounts (Face Value Less Purchase Price) . 

(c) Other 

Expense Reserves: 

(a) Taxes 

(b) Other 

Branch Office Capital (Home Office Control) ....... 

Net Worth (If Individual or Partnership) 

Capital Stock (If Corporation) : 

(a) Preferred 

(b) Common 

Appropriated Surplus or Capital Reserves 

Additional Paid-in Capital .......... 

Retained Earnings 

Total Liabilities and Capital 



$5,176,065.31 
156,505,442.77 
151,036.09 

1,417,990.65 
636,212.46 
460,739.95 
54,331.02 
123,230.85 

507,418.81 
66,566.23 
3,589,178.46 
1,592,935.61 

$170,281,148.21 



$13,160,324.88 
46,804,765.66 
4,770,744.52 
4,281,147.66 
1,916,560.00 

273,846.68 
17,523,777.80 
271,028.33 

3,492,014.07 
30,690.78 
331,433.07 

1,035,046.48 
205,259.26 
54,596,212.33 
181,638.18 

1,902,006.83 
8,175,467.46 
652,772.30 
3,308,313.19 
7,368,098.73 

$170,281,148.21 



8 



P.D. 95 



Exhibit G 

Consolidated Statement of Profit and Loss for the Year 
Ended December 31, 1957 
Small Loan, Large Loan and Other Business Conducted in Massachusetts 



292 Annual Reports 

Gross Income Derived from Massachusetts Operations: 

Charges on Loans ......... 

Collection on Accounts Previously Charged Off 

Fees Collected (When Authorized) 

Other Income 

Total Gross Income . 

Expenses of Conducting Business in Massachusetts: 

Advertising .......... 

Auditing ........... 

Bad Debts: 

(a) Charged Off 

(b) Addition to Reserve . . . . 
Depreciation of Furniture, Fixtures, Equipment and Auto- 
mobiles .......... 

Insurance and Fidelity Bonds ....... 

Legal Fees and Disbursements 

License Fees .......... 

Postage and Express ......... 

Printing, Stationery and Supplies ...... 

(Recording and Acknowledging Fees ...... 

•Rent, Heat, Light and Janitor Service 

Salaries ........... 

Taxes (Excluding Federal and State Taxes on Income) : 

(a) Payroll 

(b) State and Local ........ 

(c) Miscellaneous 

Telephone and Telegraph ........ 

Travel, Automobile Expenses and Allowances .... 

Other Expenses: 

(a) Bookkeeping and Corporation Services . . . . 

(b) Dues and Subscriptions ...... 

(c) Credit Reports 

(d) Pension Fund Contribution ...... 

(e) Sundry 

Home Office Expenses Allocated to Branches in Massachusetts: 
Advertising .......... 

Auditing ........... 

Bad Debts: 

(a) Charged Off 

(b) Addition to Reserve 

Depreciation of Furniture, Fixtures, Equipment and Automo- 
biles . 

Insurance and Fidelity Bonds ....... 

Legal Fees and Disbursements ....... 

License Fees .......... 

Postage and Express ........ 

Printing, Stationery and Supplies 

Recording and Acknowledging Fees ...... 

Rent, Heat, Light and Janitor Service 

Salaries ........... 

Taxes (Excluding Federal and State Taxes on Income) : 

(a) Payroll 

(b) State and Local ........ 

(c) Miscellaneous 

Telephone and Telegraph ........ 

Travel, Automobile Expenses and Allowances .... 

Other Expenses: 

(a) Bookkeeping and Corporation Services .... 

(b) Dues and Subscriptions ....... 

(c) Credit Reports ........ 

(d) Pension Fund Contribution ...... 

(e) Supervision and Administration 

Total Expenses Before Income Taxes and Cost of Borrowed 

Funds 

Federal Taxes on Income ........ 

States Taxes on Income ........ 

Total Expenses After Income Taxes, but Before Cost of Bor- 
rowed Funds ......... 

Net Earnings After Income Taxes, but Before Cost of Bor- 
rowed Funds ......... 

Cost of Borrowed Funds ........ 

Net Earnings After Income Taxes and Cost of Borrowed Funds 



$7,958,623.48 
140,697.03 
92,638.35 
176,285.44 



$409,475.99 
104,201.55 

226,929.06 
623,260.41 

115,659.96 
70,967.24 
182,312.86 
58,471.34 
101,365.11 
198,581.07 
8,196.04 
448,244.78 
3,049,148.58 

95,419.80 
68,487.60 
1,040.01 
287,236.00 
233,324.78 

79,990.29 
54,169.69 
72,378.76 
110,428.61 
532,499.21 



$135,326.57 
101,130.27 



13,730.33 

24,204.78 
6,376.36 
125,503.17 
571.65 
31,609.74 
139,120.47 
1,886.44 
84,966.95 
739,998.08 

24,555.40 
61,284.95 
197.99 
22,265.63 
79,988.99 

75,396.37 
6,978.66 
7,622.69 

43,159.17 
385,491.26 



$3,196,242.21 
269,310.26 



$8,368,244.30 



7,131,788.74 



2,111,365.92 



$16,933,389.60 
3,465,552.47 



$20,398,942.07 
8,968,357.72 
$5,280,220.43 
$3,688,137.29 



I' f\ 

PUBLIC DOCUMENT No. 95 



Cde Commontoealtt) of d^ag0ac^u0ett0 



ANNUAL REPORT 

OF THE 

BUREAU OF LOAN AGENCIES 

FOR THE 

Year Ended December 31, 1958 

Oi/^^^. DEPARTMENT OF BANKING AND INSURANCE ; 

Division of Banks and Loan Agencies 

EDWARD A. COUNIHAN, III 
Commissioner of Banks 




Publication of this Doct3!Ent Approved by Bernard Solomon, State Pl-rchasing Agent 
1 M-6-59-925647 



2 



STATE UBSAffBF MASSACHUSETTS' 



C|)e €onmbnnteiW of 9ia00ac6u0ett0 



STATE HOUSE, BOSTON 

BUREAU OF LOAN AGENXIES 
Fourth Floor, 150 Causeway Street, Boston 

ANNUAL REPORT FOR YEAR ENDED DECEMBER 31, 1958 

(Pursuant to provisions of Section 98 of General Laws (Ter. Ed.) 
Chapter 140) 

MASS OFFiaALS 

To the Honorable Senate and House of Representatives 
of the Commonwealth of Massachusetts: 

As of December 31, 1958 there were three hundred and sixteen small loan licenses 
outstanding: 

In the year just ended 154,172 loans amounting to $29,690,083.88 were made. 
These figures represent a decrease of 26,959 in the number of loans made and 
$5,716,996.94 in the amount of loans made during the previous twelve month 
period. With respect to the loans made of $100 or less which are included in the 
foregoing figures, the decrease was 2,368 in number and $286,600.33 as to amount. 
On December 31, 1958 there were 125,077 loans outstanding with a book value of 
$18,394,478.96. 

Gross income for the period totaled $4,296,444.05 of which $61,105.32 repre- 
sented recoveries on loans previously charged off. Operating expenses aggre- 
gating $3,610,949.41 include $494,233.82 of home office expenses; charge-offs on 
bad debts amountbg to $193,014.24 and additions of $449,019.22 to valuation re- 
serves combine to make an expense total of $4,252,982.87 which, deducted from 
gross income, leaves a balance of $43,461.18 representing net earnings before de- 
ductions of interest paid on borrowed funds. 

The above statements are based on figures compiled from annual reports to the 
Supervisor of Loan Agencies as represented by all licensed lenders and are tested 
by accountants of this Bureau by examination of the original records and by 
statistical comparisons. 

All common assets, liability a ad expense accounts are allocated on a formula 
established by this Bureau. 

Respectfully submitted, 

Martin J. Hanley 

Supervisor of Loan Agencies 
and Deputy Commissioner 

Approved : 

Edward A. Counihan, III 

Commissioner of Banks 



TABLE OF EXHIBITS 



Exhibit A. Composite Statement of Financial Condition 
(Small Loan Business of $300 or Less). 

Exhibit B. Composite Statement of Profit and Loss 
(Small Loan Business of $300 or Less). 

Exhibit C. Analysis of Loans by Size 
(Loans of $300 or Less). 

Exhibit D. Analysis of Loans by Types of Security 
(Loans of $300 or Less). 

Exhibit E. Small Loans Made for the Last Five Years. 

Exhibit F. Consolidated Statement of Financial Condition 
(Small Loan, Large Loan and Other Business). 

Exhibit G. Consolidated Statement of Expenses, not Including 
Cost of Borrowed Funds or Federal Income Taxes 
(Small Loan, Large Loan and Other Business). 



4 



P.D. 95 



Exhibit A 



Composite Statement of Financial Condition December 31, 
Small Loan Business of $300.00 and Less 



1958 



Assets and Liabilities 



304 Annual Reports 



Assets 

Cash in Office and in Banks ......... 

Loans Receivable of $300 or Less ......... 

Real Estate (Less- Accumulated Depreciation- Buildings) . . . . . 

Furniture, Fixtures, Equipment and Automobiles (Less-Accumulated Deprecia- 
tion) ............. 

Deferred Charges and Prepaid Expenses ....... 

Organization and Development Expense ....... 

Cost of Financing ........... 

Prepaid Expense on Accounts Purchased ....... 

Other Assets: 

(a) Miscellaneous Accounts Receivable . . . . . . 

(b) Accrued Interest Receivable ........ 

(c) Investments ........... 

(d) Miscellaneous ........... 

Total .\ssets 



Home Office Assets .Apportioned to Branches in Massachusetts 



Liabilities and Capital 

Accounts and Notes Payable: 

(a) Banks 

(b) Due to Parent Company or .Affiliates . 

(c) Other Notes and Accounts .... 

Bonds ......... 

Treasury Certificates ....... 

Other Liabilities: 

(a) Accrued Expenses ...... 

(b) Unearned Charges ...... 

(c) Other 

Valuation Reserves: 

(a) Bad Debts 

(b) Purchased Accounts (Face Value Less Purchase Price) 

(c) Other 

Expense Reserves: 

(a) Taxes ........ 

(b) Other 

Branch Office Capital (Home Office Control) . 

Net Worth (If Individual or Partnership) 
Capital Stock (if Corporation) : 

(a) Preferred ....... 

(b) Common ....... 

Appropriated Surplus or Capital Reserves 

Additional Paid-in Capital ...... 

Retained Earnings ....... 

Total Liabilities and Capital .... 



P.D. 95 



5 



Exhibit B 



Composite Statement of Profit and Loss for the Year 
Ended December 31, 1958 
Small Loan Business of $300 or Less 



304 Annual Reports 

Gross Income Derived From Small Loan Business 
Charges on Loans ......... 

Fees Collected (When Authorized) ...... 

Collection on Accounts Previously Charged Off .... 

Other Income .......... 

Total Gross Income Derived From Small Loan Business 

Expenses of Conducting Small Loan Business in Massachusetts 
Advertising .......... 

Auditing ........... 

Bad Debts: 

(a) Charged Off 

(b) Addition to Reserve ........ 

Depreciation of Furniture, Fixtures, Equipment and Automobiles 
Insurance and Fidelity Bonds ....... 

Legal Fees and Disbursements ....... 

License Fees .......... 

Postage and Express ......... 

Printing. Stationery and Supplies ....... 

Recording and Acknowledging Fees ...... 

Rent, Heat, Light and Janitor Service ...... 

Salaries ........... 

Taxes (Excluding Federal and State Taxes on Income) : 

(a) State Income ......... 

(b) Payroll 

(c) State and Local ........ 

(d) Miscellaneous ......... 

Telephone and Telegraph ........ 

Travel, Automobile Expenses and Allowances .... 

Other Expenses: 

(a) Bookkeeping and Corporation Services .... 

(b) Dues and Subscriptions ....... 

(c) Credit Reports . 

(d) Pension Fund Contribution . . . 

(e) Miscellaneous ......... 

Home Ofice Expenses 
Allocated to Bra'nches in Massachusetts 
Advertising .......... 

Auditing ........... 

Bad Debts: 

(a) Charged Off 

(b) Addition to Reserve ........ 

Depreciation of Furniture, Fixtures, Equipment and Automobiles 
Insurance and Fidelity Bonds ....... 

Legal Fees and Disbursements . . 

License Fees .......... 

Postage and Express ......... 

Printing, Stationery and Supplies ....... 

Recording and Acknowledging Fees ...... 

Rent, Heat, Light and Janitor Service ...... 

Salaries ........... 

Taxes (Excluding Federal and State Taxes on Income) : 

(a) State Income ......... 

(b) Payroll 

(c) State and Local ........ 

(d) Miscellaneous ......... 

Telephone and Telegraph ........ 

Travel, Automobile Expenses and Allowances .... 

Other Expenses: 

(a) Bookkeeping and Corporation Services .... 

(b) Dues and Subscriptions ....... 

(c) Credit Reports 

(d) Pension Fund Contribution ...... 

(e) Miscellaneous ......... 

Total Expenses Before Federal Income Taxes and Cost of Borrowed 

Funds ........... 

Federal Taxes on Income ........ 

Total Expenses After Income Taxes, but Before Cost of Borrowed 

Funds ........... 

Net Earnings After Income Taxes, but Before Cost of Borrowed 

Funds ........... 

Cost of Borrowed Funds ........ 

Net Earnings After Income Taxes and Cost of Borrowed Funds 



$4,228,619.69 



61,105.32 
6,719.04 



$ 255,020.66 
17,127.01 

193,014.24 
449,019.22 
60,690.86 
24,274.46 
56.141.44 
83,968.71 
55,343.62 
54,217.39 
2,319.69 
254,151.31 
1,532,681.05 

38.632.54 
43,628.97 
18,013 84 
6.73 
161,720.21 
85,711.85 

40,033.24 
36,743.92 
32,428.03 
38,661.49 
130,120.31 



37,376.94 
23,906.94 



3,008,84 
6,971.89 
13,886.38 
28,486.68 
576.68 
4,943.00 
29,499.01 
259.74 
20,164.61 
153,466.58 

888.02 
4,899.35 
12,775 51 
158.52 
5,432.29 
23,097.96 

18,959 52 
1.648.95 
419.91 
21,603.85 
81.802.65 



$4,296,444.05 



3,663.670.79 



494,233.82 

$4,157,904.61 
95.078.26 

$ 4,252,982.87 

43,461.18 
675,265.41 
(631,804.23) 



P.D. 95 



&5 



•>* 00 O 
O»o so OO lo 

' Tj<" »»5 



O *o O »0 fO 
O -"^00 cs 
r» cs^ O ^^cs 

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-H po O IN ~ 

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(U 35 OO 



•- louio' 



^So 
o o o 

qoq 
o^o 



o o o 

05 02 cn 



int 


7.047.546.17 
1.207.615.72 
265.298.15 
[9.662.570.69 
1,469,592.89 
677.32 
36,782.94 


)83.88 


o 
S 
< 


o 


o> 










20.80 
3.87 
.97 
69.40 
4.84 
.01 
.11 


100.00% 


Number 


O 0» On «'> 

>OvOOO>/5 o 

o^aioo^-* -H 


,172 


CN Lo' ^ r~- r-" 
to O 


"if 
to 



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rt -J o 4> « ° be <u 
c 

9 rtXi'uTJ'wC' w 



Ci5 







00 

00 




c 


to 


00 


Amoi 


>9,690,( 


«o 

o» 




v> 










Limber 


154,172 










00 




■i-> 


6 

00 




c 

3 


o 




Amc 


5,407 






«o 


o 




•» 




imber 


il,131 




Z 








00 
(S 




c 


<> 




Amoi 


J.422,! 


o 




to 










Number 


196,827 






o 




c 


78,695 




3 
O 




s 
< 


lO 


lO 
lO 
Ov 




to 
v> 










Number 


203,692 






o 




)unt 


>,884 


1954 


Amc 


Hl,79? 








amber 


7,756 




Z 





P.D. 95 



7 



Exhibit F 

Consolidated Statement of Financial Condition December 31, 1958 
Small Loans, Large Loans and Other Business Conducted in Massachusetts 



ASSETTS AND LIABILITIES 

304 Annual Reports 

Assets 

Cash in Office and in Banks ......... 

Loans Receivable ........... 

Real Estate (Less- Accumulated Depreciation- Buildings) . . . . . 

Furniture, Fixtures, Equipment and Automobiles (Less- Accumulated Deprecia- 
tion) ............. 

Deferred Charges and Prepaid Expenses ....... 

Organization and Development Expense ....... 

Cost of Financing ........... 

Prepaid Expense on Accounts Purchased ....... 

Other Assets: 

(a) Miscellaneous Accounts Receivable ....... 

(b) Accrued Interest Receivable . 

(c) Investments 

(d) Miscellaneous ........... 

Total Assets 



Home Office Assets Apportioned to Branches in Massachusetts 



Liabilities and Capital 

Accounts and Notes Payable: 

(a) Banks 

(b) Due to Parent Company or Affiliates . 

(ci Other Notes and Accounts .... 
Bonds ......... 

Treasury Certificates 

Other Liabilities: 

(a) .\ccrued Expenses ...... 

(b) Unearned Charges ...... 

(c) Other 

Valuation Resei-ves: 

(a) Bad Debts 

(b) Purchased Accounts (Face \'alue Less Purchase Price) 

(c) Other 

Expense Reserves: 

(a) Taxes 

(b) Other 

Branch Office Capital (Home Office Control) . 

Net Worth (If Indi\'idual or Partnership) 
Capital Stock (If Corporation) : 

(a) Preferred ....... 

(b) Common ....... 

Appropriated Surplus or Capital Reserves 

Additional Paid-in Capital ...... 

Retained Beamings ....... 

Total Liabilities and Capital .... 



$ 3.527.875.58 
154.519,453.79 
199,719.62 

1.337.024.92 
634.675.82 
424,995.80 
10.429.63 
101.628.80 

625,164.63 
163.708.12 
4,142,261.86 
335,563.82 

$166,022,502.39 



$11,373,832.14 



$ 9.871,804.23 
42,754,941.64 
4.931.070.45 
4,104.795.16 
2.140.485.00 

320,840.64 
19.590,915.32 
54.270.95 

4,010.719.52 
96.243.23 
527.254.30 

1,284.574.94 
118.224.77 
52.487.610.66 
186.193.03 

2,478.676.80 
8.493.698.92 
639,763.46 
3.288.592.98 
8.641.826.39 

$166,022,502.39 



8 



P.D. 95 



Exhibit G 

Consolidated Statement of Expenses, not including Cost of Borrowed 
Funds or Federal Income Taxes for the Year Ended December 31, 1958 
Small Loan, Large Loan and Other Business Conducted in Massachusetts 



304 Annual Reports 

Expense of Conducting Business in Massachusetts: 

Advertising .......... 

Auditing .......... 

Bad Debts: 

(a) Charged Off 

(b) Addition to Reserve ....... 

Depreciation of Furniture. Fixtures, Equipment and Automobiles 
Insurance and Fidelity Bonds ....... 

Legal Fees and Disbursements ....... 

License Fees .......... 

Postage and Express 

Printing. Stationery and Supplies 

Recording and Acknowledging Fees ...... 

Rent, Heat, Light and Janitor Service ..... 

&Llaries ........... 

Taxes (Excluding Federal and State Taxes on Income): 

(a) State Income ........ 

(b) Payroll 

(c) State and Local ........ 

(d) Miscellaneous ........ 

Telephone and Telegraph ........ 

Travel, Automoible Expenses and Allowances .... 

Other Expenses: 

(a) Bookkeeping and Corporation Services .... 

(b) Dues and Subscriptions ....... 

(c) Credit Reports ........ 

(d) Pension Fund Contribution ...... 

(e) Miscellaneous ........ 

Home Office Expenses Allocated to Branches in Massachusetts: 
Advertising .......... 

Auditing 

Bad Debts: 

(a) Charged Off 

(b) Addition to Reserve ....... 

Depreciation of Furniture, Fixtures, Equipment and Automobiles 
Insurance and Fidelity Bonds ....... 

Legal Fees and Disbursements . ..... 

License Fees .......... 

Postage and Express ........ 

Printing, Stationery and Supplies ...... 

Recording and Acknowledging Fees 

Rent. Heat. Light and Janitor Service ..... 

Salaries ........... 

Taxes (Excluding Federal and State Taxes on Income): 

(a) State Income ........ 

(b) Payroll 

(c) State and Local ........ 

(d) Miscellaneous ........ 

Telephone and Telegraph ........ 

Travel, Automobile Expenses and Allowances .... 

Other Expenses: 

(a) Bookkeeping and Corporation Services .... 

(b) Dues and Subscriptions ....... 

(c) Credit Reports 

(d) Pension Fund Contribution ...... 

(e) Miscellaneous ........ 

Total Expenses Before Income Taxes and Cost of Borrowed Funds . 



$945,321.01 
85,932.70 



566 
2.909 
266 
118 
264 
85 
238 
234 
18 
1.020 
6,494 



.218 85 
,731.70 
,248.85 
,157.32 
.190.96 
.201.41 
.345.44 
.668.77 
.697.10 
.634.54 
.789 17 



259.555.18 
188.953 76 
84,579.59 
10.78 
709.134.63 
397.803 15 

136.814.14 
130,288.96 
148.729.77 
197,211.97 
632.697.72 



$144,140.59 
94.312 43 



$16,133,917.47 



19.086.68 
28,666.12 
52,232.85 

103.059.37 
576.68 
23,264.52 

113,760.01 
1.430.00 
84,129.56 

659,001.32 

10.780.34 
22,736.38 
67,435.70 
479.82 
20,784.39 
95.003.52 

78,491.89 
(836.38) 
1,665.52 
77,208.65 
334,117.03 



2,031,526.99 
$18,165,444.46 



PUBLIC DOCUMENT T^of 

_ /9U 



Wit Commontuealtl) of jlWassacf)uscttsi 



ANNUAL REPORT 



OF THE 



BUREAU OF LOAN AGENCIES 

FOR THE 

Year Ended December 31, 1960 

DEPARTMENT OF BANKING AND INSURANCE ! 
Division of Banks and Loan Agencies 

EDWARD A. COUNIHAN, III 
Commissioner of Banks 




Publication of this Document Approved by Alfred C. Holland, State Purchasing Agent 
lm-5-61-930652 Estimated Cost Per Copy: $.128 



2 ! P.D. 95 

Ctje Commonmellff o?^i^algacI)us!etts; 

STATE HOUSE. BOSTON j 

BUREAU OF LOAN AGENCIES 

Fourth Floor, 150 Causeway Street, Boston 
MASS. OFFICIALS 
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1960 

(Pursuant to provisions of Section 98 of General Laws, (Ter. Ed.) 
Chapter 140) 

To the Honorable Senate and House of Representatives 
of the Commonwealth of Massachusetts: 

As of December 31, 1960 there were three hundred and eighteen small loan 
licenses outstanding. 

The figures contained in this report include loans of $1,500.00 or less, loans 
in excess of ^ 1,500. 00 and other finance business. They are all general in nature. 
This is due to the fact that the Rate Order, with respect to loans of $1,500.00 or 
less, promulgated by the Small Loans Regulatory Board, became effective April 1, 
1960 and for the first three months a legal maximum rate prevailed only on loans 
of $300.00 or less. 

Various schedules that were required in previous years with respect to loans 
of $300.00 or less, would have no significance; therefore, a simplified report was 
required for the year ended December 31, 1960. The calendar year ending 
December 31, 1962 will yield the first clear figures under the new rates. 

A revised annual report form is presently being prepared by this Bureau for 
the year ending December 31. 1961. 

The figures included in the following schedules are compiled from annual 
reports to the Supervisor of Loan Agencies as represented by all licensed lenders 
and are tested by accountants of this Bureau by examination of the original 
records and by statistical comparisons. 

Respectfully submitted, 

Martin J. Hanley 

Supervisor of Loan Agencies 
and Deputy Commissioner 

Approved: 

Edward A. Counihan, III 

Commissioner of Banks 



TABLE OF EXHIBITS 



Exhibit A. Consolidated Statement of Financial Condition 

(Small Loan, Large Loan and Other Finance Business). 

Exhibit B. Consolidated Statement of Profit and Loss 

(Small Loan, Large Loan and Other Finance Business). 



4 



P.D. 95 



EXHIBIT A 



Consolidated Statement of Financial Condition December 31, 1960 
Small Loan, Large Loan and Other Finance Business Conducted in Massachusetts 



Assets and Liabilities 




Licensed Agencies 
318 


Assets 








Cash in Office and in Banks 

Real Estate (Less-Accumulated Depreciation-Buildings) 
Furniture, Fixtures, Equipment and Automobiles (Less-Accurau- 

Deferred Charges and Prepaid Expenses 

Organization and Development Expense 

Prepaid Expense on Accounts Purchased 




$ 3,889,765.30 
164,566,400.70 
306,062.00 

1,326,064.05 
335,279.59 
332,172.75 
15,464.01 
159,538.19 


Other Assets: 

(a) Miscellaneous Accounts Receivable 

(c) Investments . . . . . 




$ 942,226.00 
83,469.66 
3,712,291.66 
189,1)67.49 


4, 927, 054.81 








$175,857,801.40 


Home Office Assets Apportioned to Branches 


in Massachusetts . 




$ 12,945,325.82 


Liabilities and Capital 








Accounts and Notes Payable: 

(b) Due to Parent Company or Affiliates . 




$ 8,403,156.79 
43,033,521.62 
6,585,537.51 


$ 58,022,215.92 








2,736,889.50 
2,338,085.00 


Other Liabilities: 

(c) Other 




462,867.80 
26,445,072.68 
162,221.68 


27,070,162.16 


Valuation Reserves: 

(a) Bad Debts 

(b) Purchased Accounts (Face Value Less 


Purchase Price) . 


4,482,150.26 
20,651.00 
294,003.03 


4,796,804.29 


Expense Reserves: 




1,716,705.11 
49,046.91 


1,765,752.02 


Branch Office Capital (Home Office Control) 
Net Worth (If Individual or Partnership) . 






54,260,571.97 
234,355.00 


Capital Stock (If Corporation) : 

(a) Preferred 

(b) Common ...... 




2,523,951.01 
8,646,124.64 


11,170,075.65 


Appropriated Surplus or Capital Reserves . 
Additional Paid-in Capital .... 
Retained Earnings 






1,296,243.31 
3,047,074.38 
9,119,572.20 


Total Liabilities and Capital . 






$175,857,801.40 



P.D. 95 



5 



EXHIBIT B 

Consolidated Statement of Profit and Loss for the Year 
Ended December 31, 1960 
Small Loan, Large Loan and Other Finance Business Conducted in Massachusetts 



Gross Income 

Charges on Receivables ........ 

Fees Collected (When Authorized) 

Collections on Accounts Previously Charged Off . 

Other Income: 

Gain on Sale of Assets ........ 

Dividends and Interest on Investments 

Miscellaneous .......... 

Total Gross Income . 

Expenses of Conducting Business in Massachusetts 

Advertising 

Auditing 

Bad Debts: 

(a) Charged Off 

(b) Addition to Reserve 

Depreciation of Furniture, Fixtures, Equipment and Automobiles 

Insurance and Fidelity Bonds 

Legal Fees and Disbursements 

License Fees .......... 

Postage and Express ......... 

Printing, Stationery and Supplies 

Recording and Acknowledging Fees 

Rent, Heat, Light and Janitor Service 

Salaries 

Taxes (Excluding Federal Taxes on Income) : 

(a) State Income ......... 

(b) Pay Roll 

(c) State and Local 

(d) Miscellaneous . 

Telephone and Telegraph ........ 

Travel, Automobile Expenses and Allowances .... 

Other Expenses : 

(a) Bookkeeping and Corporation Services .... 

(b) Dues and Subscriptions ....... 

(c) Credit Reports 

(d) Pension Fund Contribution 

(e) Miscellaneous 

Total . 

Total Home Office Expenses 

Total Expenses Before Federal Income Taxes and Cost of Bor- 
rowed Funds .......... 

Federal Taxes on Income ........ 

Total Expenses - Af tec Income Taxes, but Before Cost of Bor- 
rowed Funds .......... 

Net Earnings After Income Taxes, but Before Cost of Borrowed 
Funds ........... 

Cost of Borrowed Funds 

Net Earnings After Income Taxes and Cost of Borrowed Funds 



Licensed Agencies 
318 



$32,005,733.33 
1,233,630.02 
165,307.60 



23,411.39 
85,128.51 
150.656.75 



$33,663,867.60 



$ 984,209.95 
95,645.08 



$ 531,426.25 
2,340,691.32 2,872,117.57 



285,311.84 
241,060.75 
105,548.43 
131.00 



325,449.49 
100,829.04 
284,789.18 
98,696.25 
247,233.74 
268,263.39 
12,365.19 
1,099,330.91 
6,377,120.48 



632,052.02 

713,448.76 
363,473.48 



120,913.77 
99,893.64 
133,730.02 
169,110.92 

560,469.36 1,084,117.71 



$15,559,142.24 
2,456,644.20 

18,015,786.44 
4.834,185.58 

22,849,972.02 

10,813,895.58 
5,272,913.11 

$ 5,540,982.47 



I 



No. 95 



in/ 

A 



THE Ca>:CN'/jEALTH OF MASSACHl'SETTS 



ArJIIUAL REPCHT 
OF THE 
BUREAU OF LOAN AGENCIES 
FOR THE 

YEAR ENLED DECEMBER 31, 1961 



DE^ARH-ir.T OF BAMIIIG AMD INSURANCE 
DIVISIOl! OF 2.;NKS AND LCAiN AC-EIJCIES, 



EDWARD A. COUinHi^n, III 
C0i1^!IS3I0NER OF BANKS 



(State Seal) 



THE COMMON\\'EALTH OF MASSACHUSETTS 



BUIffiAU OF LOAN AGENCIES 
Fourth Floor, 1^0 Causeway Street, Boston 
AiWJAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1961 

(Pursuant to Provisions of Section 98 of General Laws, (Ter. Ed.) Chapter ll^C) 



TO THE HONORABLE SENATE Al© HOUSE OF RSPRSSEIITATIVES 
OF THE COMOm-'EALTH OF MASSACHUSETTS: 

G. L., Sec. 98, requires that "The CoTimissioner shall make an annual 
report and shall forward therevdth a copy of such retiirns or so much thereof 
as he may deem necessary." 

The figures contained herein were compiled, as usual, by the process of 
adding together the individual reports filed by each licensee. These reports 
are executed on a form and in a manner prescribed by the divisioH; however, 
the figures are those of the industry and reflect at least their gross and 
net income. The division vouches for the process of addition, the process by 
which the additions were arrived at follox-jing their filing --as the industry 
guarantees their accuracy and reliability as they were inserted in the indi- 
vidual reports. In a few cases, as alway s , some reports were adjusted where 
they obviously were not executed according to instructions. 

The small loans ceiling was raised by new legislation from ^1^500. to 
■:?3>000. as of October 2,^, 1962. Hovrever, a review of available figures 
indicates that the amount of balances between $1,500. and ."^3,000. is very 
slight. Consequently, the impact of this on over-all income and rate con- 
siderations would be negligible. 

As of the date of this report hearings, under Section 100 of this 
chapter, are proceeding and in the verif:;'ing process the companies, repre- 
senting about 80 per cent of the industry, have been requested to have 
present at- the hearings their accountants to substantiate the accuracy of 
the reports upon which the Board is making its considerations. 

As of December 31, 1961 there were three h'ondred and twentv-two small 
loan licenses outstanding. 

During the license year 313, 6U0 loans of $1500. or less amountiog to 
.7l50,92U,785«69, which is lass unearned charges, were made. On December 31, 
1961 thefe were 296,21^ loans of $1^00. or less outstanding with a face value 
of $lli2,22U,17U.50, which includes unearned charges amounting to fi23, 827, 399.0^ 



1 



1 



Gross incone for the period totaled s928, 5^6U, 188,63 of which 
38,376.61 represents recoveries on loans previously/ charged off and 
,23,030.32 represents other income. Operating expenses aggregating 
2,266,57)4.85 include ol, 857, 328.71 of home office expenses; charge-off s 
bad debts amounting to :.U39, 871.15 and addition of 31,527,51^3.23 to the 
lu£ition reserve combine to make a total expense of olii.,233,989»53, "which, 
ducted from gross income, leaves a balance of ^^'lU, 330, 199. 10, representing 
t earnings before deductions of interest on bon-owed funds and federal 
cone tax3S. A net earnings figure of '75,366,233»Ul remains after deducts 
g interest on borrowed funds ?jnounting to Ch, 023,603*68 and federal income 
xes amounting to 920, 362.01. 

The figures contained in this reoort represent the first full year 
operation under the Rate Order with respect to loans of Zl^OO» or less, 
oniulgated by the Small Loans Regulatory Board which became effective 
ril 1, I960. 

The figures included in the following schedules are compiled from 
nual reports to the Supervisor of Loan Agencies as represented by all 
censed lenders. 

All common asset PXid expense accounts are allocated on a formula 
tablished by this Bureau. 

This entire report is based on the statements of licensees in 
sir reports. 



I 



Respectfully subm.itted, 

/s/ Martin J. Hanley 

Supervisor of Loan Agencies 
and Deputy Commissioner 



proved: 

/ Edvrard A. Gounihan, III 
:iiriis?ioner 01 Banks 



r 

j 



TABLE OF EXHIBITS 



EXHIBIT A. Composite Staterrient of Assets 

(Loan Business of $1500.00 or Less) 



EXHIBIT B. Coinocsite Statemo-.t of Income and E:^en 
(Loan Business of $1500,00 or Less) 



EXHIBIT C. /vnalysis of Loans 

(Loan Business of $l500.00 or Less) 



EXHIBIT D. Suits, Possession and Sale of Chattels 
(Loan Business of $l5C0.00 or Less) 



IBIT A 



THE COMOMALTH OF MASSACHUSETTS 
LinmL REPORT TO SUPERVISOR OF LOAl^I AC-E:'CIES 
Fcr the Year Ended December 31, I96I 
(General Laws, Chapter llxO, Section 98) 



C0I4P0SITE STATSi^NT OF ASSETS, LEC5>iEER 31, 1961 



Lean Business of $1,500,00 cr Less 



eivables : 

(a) Gross Amount. $ lL2,22L,17L«5^ 

(b) Less: Unearned Charges 23,f:*Z'",3,-^ .03 

(c) Less: Allowance for Bad Tebts 3.6r.%311.13 

(d) Net Receivables $11 L, 706,46^.32 

ih in Office and in Banks 2,60U,272.00 

il Estate (Less Allowance for LeDreciation-Eldg. ) . . . 177,li30.11 
•niture. Fixtures, Eq^jionent (Less Allowance for 

Lepreciaticn) ;,C6C,069.lS 

ferred Charges or Precaid Expense Ii-i0,710,2o 

ler .Assets: 

(a) Organization or Eevelcror.ent Expense 232,6iiU.Q3 

(b) Cost of Financing -^^'ll^'l 

(c) 1, Investments 1,112,367.87 

2, Miscellaneous Iktes and Acccjnts 

Receivable U63,905.83 

3. Miscellaneous - 111''^^^'^^ 

tal Assets oer Books of Licensees $120,u5o,.^uU.ol 

rae Office Assets Allocated to Masssch^isetts - 




:te stat5>-:<:i:t of iiicoriE and expense for pe:^iod for ti-ie year 

)ECEM.^.ER 31, 1961 

Loan Business of :^1.500 or Less 



iS INCOME 



1 Collected and/or Earned $ 27,280,165.70 

lency Charges Collected ..... o «... • 1,022,616.00 

ions on Accoimts Previously Charged Off. . . , 138,376.61 
ncome : 

an on Sale of Assets 1,119.10 

.come from Investments 26,l89,83 

scellaneous 95>721.39 



■ross Income (Item 26 to Item 29) $ 28,561+, l88. 63 



ENSES OF CONDUCTING BUSINESS 

sing S 88k,86l.l2 

g 66,268.35 

ts: 

.arged Off l+39,871oI;5 

dition to Reserve I,527,51i3.23 

ation of Furniture, Fixtures and Equipment 251,551;. 17 

ng and Acknowledging Fees, , , . , 5,2ii3,C5 

,ce and Fidelity Bonds , 77,927*81 

ees and Disbursements , 211i,i|58,17 

and Express. •••(»..• 202,056,78 

Stationery and Supplies 167,6/4.5.73 

" 916,398.51 

s 5,075,913.86 

sion and Administration, • 332,07l4-.35 

uding Federal Taxes on Income) 

State Income 306,6[l9o96 

License Fees , • lOS, 600,69 

All Other Taxes. 275,960,31 

ne and Telegraph o . 579,028.89 

_ 238,656.23 

XDenses of Conducting tiusiness , « 665, 7 a 6 16 

^3 12,37b, 6c0TB2 

ome Office Expenses 1,857,328,71 

t on .Borrowed F'jinds Ix, 023, 603. 66 

xpenses S 18:2^7:593.21 

aings before Federal Income Taxes S 10,306, 595. ij-2" 

Income Taxes Paid or Accrued During the 

Calendar Year , « Ii, 920, 362. 01 

spenses After Income Taxes $ 23 ,177 ,9 o 2.2 

aings After Income Taxes and Interest on 

Borrowed Funds. , . . $ 5, 386, 233 .111 



A1IALYSI3 OF LOME'S 



ANALYSIS OF LOANS BY SIZE 



Loan Business of 
j^l,5Q^' Less 



Nrnnber Amount 



Loan Balances Outstanding (Less 

lod Ghargos) at Beginning of Period. 273, 6l8 10k, 129 , 666^55 
lade During the Period 

)ans of $100.00 or^Less 10,680 738,212.6? 

)ans of 100.01 to ■:j5200 ...... I|.6,753 6,^70,967.76 

DP.ns of 200,01 to 300 ..... , ii6,08l 11,356,755.88 

)ans of 300.01 to I4.OO t3,2l6 lii,550,936.82 

)ans of kOO.Ol to 500 38,082 16,77 8,623.29 

)sns of 500.01 to 600 3^,831; 18, 663,119.1|6 

)ans of 600.01 to 1,000 65,33i+ 1|8, 665, 203. 60 

)ans of 1,000.01 to 1,500 28,660 33,k00 , 966. 21 

^tal Loans Made During the Period , 313,6a0 § I30, 92k, 7^5 . 69 

iilnnces Purchased During the Period 8,570 3,11 Ok, 867. 75 

iilances Sold D^aring the Period. , , 7,756 2,962,326.29 

'lances Charged Off During the Period 6,201 1,610,896,12 

ions During the Period xxxxx 135,k89,3k0.13 

jOan Balances Outstanding (Less 
Unearned Charges) at end of 

Period 296,215 $ II8 , 396,775.k5 



ANALYSIS OF LOANS BY SECURITY 



Loan Business of 
'il,5QQ or Less 



Number Amount 



ade During the Period 

in Fnole or in Larger Part on: 

battel Mortgages on Household Goods 133,039 t ei|, 061, 760.kO 

utomobiles 17,902 10,325,583.75 

eal Estate 19k 161,683.68 

thpr Cha-:.-.el3 3,l82 l,8k9, 675.29 

hsecured Notes 114.8,762 li.9,9k6,502.86 

ndorsed and/or Co-Maker Notes , . 10,119 1|, 179, 96k. 82 

age Assignments , . 9 I4., 106,67 

ther Considerations k33 375,258.22 



k' 

otal 313, 6k0 ^ 150,92k,7t)3.b9 



Loan Business of 
%1,S00 or Less 



Number /imount Due 

or Recovery: 

tiding at Close of Previous Period 1,065 # 311j., 377 .10 

stituted Diaring Period 1,626 688,085.7 5: 

tal 2,6vl $1,002,962755 

dgraent Secured During Period, . . 967 39.'j-,507,76 

ttled Before Judgment During Period J>k S 135,730,6? 

tal 1,312 f> 530,20CTF 

nding at Close of Current Period. 1,379 $ [i72, 67U./4.0 

signments Filed During Period. . . 52 % 20,356.05 

ion of Chattels Obtained by Licensee: 
Legp.l Process or Contract Ri^ht: 

) Household Goods 5 2,067.32 

) Automobiles 4I 2!i, b39«66 

) Other Chattels and Property. . , Ij. b, 361. 70 

Voluntary Surrender: 

) Household Goods 9 5,776,01 

) Automobiles 2t-,2b^'^.92 

) Other Chattels and Property. . . 1 1,200 . GO 



Loan BuBinosa of $1,500 or Less 

Amo;.nt 

Number Amt . Due Collected 

Chattels by Licensee: 
jth Borrower' s Consent. ..... 62 jli0,7ii9.95 011,609.98 

jthjut Borrower's Consent, ... 21 1^13,116.37 % 5, 30i±. 66 



I 



PUBUC DOCUMENT No. 95^ ^^^^ 



ANNUAL REPORT 

OF THE 

BUREAU OF LOAN AGENCIES 

FOR THE 

Year Ended December 31, 1962 

l^oovo . DEPARTMENT OF BANKING AND INSURANCE : 
Division of Banks and Loan Agencies . 

JOHN B. HYNES 
Commissioner of Banks 




Publication of this Document Approved by Alfred C. Holland, State Purchasing Agent 
lm-9-63-936318 Estimated Cost Per Copy: $.135 



P.D. 95 



BUREAU OF LOAN AGENCIES 



Fourth Floor, 150 Causeway Street, Boston^ 

ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1962 

(Pursuant to Provisions of Section 98 of General Laws, (Ter. Ed.) 

Chapter 140) 

To the Honorable Senate and House of Representatives 
of the Commonwealth of Massachusetts: 

General Laws, Chapter 140, Section 98, requires that "The Commissioner 
shall make an annual report and shall forvv'ard therewith a copy of such returns 
or so much thereof as he may deem necessary." 

The figures contained herein were compiled, as usual, by the process of add- 
ing together the individual reports filed by each licensee. These reports are 
executed on a form and in a manner prescribed by the division; however, the 
figures are those of the industry and reflect at least their gross and net income. 
The division vouches for the process of addition, the process by which the ad- 
ditions were arrived at following their filing — as the industry guarantees their 
accuracy and reliability as they were inserted in the individual reports. In some 
cases, as always, the reports were adjusted where they obviously were not ex- 
ecuted in accordance with the instructions. In all such cases the licensee was 
notified and concurred with the changes. 

The small loans ceiling was raised by legislation from $1,500 to S3, 000 as of 
October 25, 1962. This report reflects loans made between $1,500 and $3,000 
since the effective date of this legislation. The calendar year ending December 
31, 1963 will yield the first full year's operation under the new ceiling. 

As of December 31, 1962, there were three hundred and thirty-five small loan 
licenses outstanding. 

During the calendar year, 1962, 322,034 loans of $1,500 or less amounting to 
$163,631,728.03, which is less unearned charges, were made. In addition, 2,913 
loans between $1,500 and $3,000 amounting to $5,477,858.31, which is less un- 
earned charges, were made since October 25, 1962 which combine to make a 
total of 324,947 regulated ioans amounting to S169,109,586.34. 

On December 31, 1962, there were 303,546 regulated loans of $3,000 or less 
outstanding with a face value of $158,863,077.18, which includes unearned 
charges amounting to $26,773,743.36. 

Gross income for the period totaled $32,065.22159 of which $169,236.20 repre- 
sents recoveries on loans previously charged off and $2 io, 239. 00 represents other 
income. Operating expenses aggregating $13,619,748.21 include $2,112,948.57 
of home office expenses; charge-offs on bad debts amounting to $440,786.34 
and addition of $1,788,883.74 to the valuation reserve combine to make a total 
expense of $15,849,418.29, which deducted from gross income, leaves a balance 
of $16,215,806.30, representing net earnings before deductions of interest on 
borrowed funds and federal income taxes. A net earnings figure of $5,907,- 
115.72 remains after deducting interest on borrowed funds amounting to $4, 
499,595.34 and federal income taxes amounting to $5,809,095.24. 



P.D. 95 



As of December 31, 1962, the book assets amounted to $141,489,404.12. The 
cash in office and in banks amounted to $2,921,912.60 which includes $919,- 
513.79 in compensating balances. Home Office assets allocated to Massachusetts 
licensees consists of cash of 55,425,055.37 and other assets of $895,259.97 making 
a total of $6,320,3/5.34. Compensating balances included in the allocation 
amount to $4,638,8^3.69, which when totaled will produce compensating bal- 
ances of $5,558,407.48. Total assets as shown in Schedule A less compensating 
balances, produce assets of $135,930,996.64. 

This Bureau does not consider compensating balances to be assets, and they 
are here used as a deduction of the liability. 

The figures included in the following schedules are compiled from Annual 
Reports to the Supervisor of Loan Agencies as represented by all licensed 
lenders. 

The report of the American Discount Corporation, License Number 206, was 
not used in the compilation of these figures due to unusual and extraordinary 
circumstances. 

All common assets and expense accounts are allocated on a formula estab- 
lished by this Bureau. 

Respectfully submitted, 

/sj Martin J. Hanley 

Supervisor of Loan Agencies 
and Deputy Commissioner 

Approved: 

js/ John B. Hynes 

Commissioner of Banks 



TABLE OF EXHIBITS 



Exhibit A. Composite Statement of Assets 

(Loan Business of $3,000 or Less). 

Exhibit B. Composite Statement of Income and Expense 
(Loan Business of $3,000 or Less). 

Exhibit C. Analysis of Loans by Size 
(Loans of $3,000 or Less) . 

Exhibit D. Analysis of Loans by Types of Security 
(Loans of $3,000 or Less). 

Exhibit E. Suits, Possessions and Sale of Chattels 
(Loans of $3,000 or Less). 

Exhibit F. Consolidated Statement of Financial Condition 
(Total Loan and Finance Business). 

Exhibit G. Consolidated Statement of Income and Expense 
(Total Loan and Finance Business). 



P.D. 95 



5 



Sllf^ flIomm0ttmFallJ| of MuBBatlpxBtttB 

ANNUAL REPORT TO SUPERVISOR OF LOAN AGENCIES 
For the Year Ended December 31, 1962 
(General Laws, Chapter 140, Section 98) 



EXHIBIT A 

Composite Statement of Assets, December 31, 1962 
* (Loan Business of $3,000 or Less) 

Licensed Agencies 
335 



Receivables: 

(a) Gross Amount $158,863,077.18 

(b) Less: Unearned Charges (26,773,743.36) 

(c) Less: Allowance for Bad Debts (4,127,328.92) 

(d) Net Receivables $127,962,004.90 

Cash in Office and in Banks 2,921,912.60 

Real Estate (Less Allowance for Depreciation-Bldg.) . . . 191,721.91 
Furniture, Fixtures, Equipment (Less Allowance for Deprecia- 
tion) 1,067,860.76 

Deferred Charges or Prepaid Expense 163,175.63 

Other Assets: 

(a) Organization or Development Expense .... $ 222,540.98 

(b) Cost of Financing 20,436.36 

(c) Investments 1,566,404.78 

(d) Miscellaneous Notes and Accounts Receivable . . . 759,262.95 

(e) Miscellaneous 293,767.91 2,862,412.98 

Total Assets $135,169,088.78 



Home Office Assets Allocated to Massachusetts Licensees . . 6,320,315.34 
Total $141,489,404.12 



Compensating Balances Included in Cash $ 919,513.79 

Compensating Balances Included in Home Office Assets Allocated 

to Massachusetts Licensees . 4,638,893.69 

Total Compensating Balances Included in Assets ... $ 5,558,407.48 



* The small loans ceiling was raised by legislation from $1,500 to $3,000 as of October 25, 1962. 
This exhibit reflects loans made between $1,500 and $3,000 since the effective date of this legislation. 



6 



P.D. 95 



EXHIBIT B 



Composite Statement of Income and Expense 
FOR THE Year Ended December 31, 1962 

* (Loan Business of $3,000 or Less) 



Gross Income 

Charges Collected and/or Earned $30,718,137.06 

Delinquency Charges Collected 931,612.33 

Collections on Accounts Previously Charged Off . . . . 169,236.20 
Other Income: 

(a) Gain on Sale of Assets 9,618.38 

(b) Income from Investments ...... 7,435.01 

(c) Miscellaneous 229,185.61 

Total Gross Income $32,065,224.59 



Expenses of Conducting Business 

Advertising $ 993,112.48 

Auditing 79,867.57 

Bad Debts: 

(a) Charged Off $ 440,786.34 

(b) Addition to Reserve 1,788,883.74 2,229,670.08 

Depreciation of Furniture, Fixtures and Equipment . . . 268,853.03 

Recording and Acknowledging Fees 5,489.72 

Insurance and Fidelity Bonds 80,603.26 

Legal Fees and Disbursements 229,197.94 

Postage and Express 199,554.18 

Printing, Stationery and Supplies 210,259.17 

Rent 990,772.45 

Salaries 5,494,375.63 

Supervision and Administration 417,526.98 

Taxes (Excluding Federal Taxes on Income) : 

(a) State Income $ 379,746.45 

(b) License Fees 119,879.17 

(c) All Other Taxes 322,992.85 822,618.47 



Telephone and Telegraph 652,308.70 

Travel 279,972.23 

Other Expenses of Conducting Business ..... 782,287.83 

Total $13,736,469.72 

Total Home Office Expenses 2,112,948.57 

Interest on Borrowed Funds 4,499,595.34 

Total Expenses $20,349,013.63 

Net Earnings Before Federal Income Taxes .... $11,716,210.96 



Federal Income Taxes Paid or Accrued During the Calendar 

Year $ 5,809,095.24 



Total Expenses After Income Taxes $26,158,108.87 

Net Earnings After Income Taxes and Interest on Borrowed » «^ 

Funds $ 5,907,115.72 



♦ The small loans ceiling was raised by legislation from $1,500 to $3,000 as of October 25, 1962. 
This exhibit reflects loans made between $1,500 and $3,000 since the effective date of this legislation. 



P.D. 95 



7 



EXHIBIT C 

Analysis of Loans by Size 
* (Loans of S3,000 or Less) 



Number Amount 

Total Loan Balances Outstanding (Less Unearned Charges) at Be- 
ginning of Period 296,557 $119,653,310.17 

Loans Made During the Period: 

(a) Loans of $100.00 or Less 10,092 690,049.40 

(b) Loans of $100.01 to $200.00 45,112 6,322,413.23 

(c) Loans of $200.01 to $300.00 44,219 10,774,423.57 

(d) Loans of $300.01 to $400.00 42,855 14,520,829.55 

(e) Loans of $400.01 to $500.00 38,382 17,090,995.46 

(f) Loans of $500.01 to $600.00 35,511 19,217,392.67 

(g) Loans of $600.01 to $1,000.00 70,295 53,011,601.09 

(h) Loans of $1,000.01 to $1,500.00 35,568 42,004,023.06 

(i) Loans of $1,500.01 to $3,000.00 2,913 5,477,858.31 



Total Loans Made During the Period 324,947 $169,109,586.34 

Loan Balances Purchased During the Period 7,355 2,970,780.63 

Loan Balances Sold During the Period 6,784 2.681,857.78 

Loan Balances Charged OS During the Period 6,489 1,907,158.57 

Collections During the Period — 155,055,326.97 

Total Loan Balances Outstanding (Less Unearned Charges) at 

End of Period 303,546 $132,089,333.82 



EXHIBIT D 

Analysis of Loans by Types of Security 
* (Loans of 53,000 or Less) 



Number Amount 

Loans Made During the Period Based in Whole or in Larger Part on: 

(a) Chattel Mortgages on Household Goods 140,445 $ 95,801,254.65 

(b) Automobiles 20,828 12,722,191.27 

(c) Real Estate 305 385,078.09 

(d) Other Chattels 3,453 2,653,050.42 

(e) Unsecured Notes 149,804 52,678,118.89 

(f) Endorsed and/or Co-Maker Notes 9,543 4,338,183.79 

(g) Wage Assignments 26 27,298.66 

(h) Other Considerations 543 504,410.57 



Total 324,947 $169,109,586.34 



* The small loans ceiling was raised by legislation from $1,500 to $3,000 as of October 25, 1962. 
These exhibits reflect loans made between $1,500 and $3,000 since the effective date of this legis- 
lation. 



8 



P.D. 95 



EXHIBIT E 



Suits, Possessions and Sale of Chattels 
* (Loans of $3,000 or Less) 



Suits for Recovery: 

(a) Pending at Close of Previous Period 




Number 

1,528 
2,106 


Amount Due 

$ 545,974.99 
942,293.71 


(c) Total 




3,634 


$1,488,268.70 


(e) Settled Before Judgment During Period . 




1,115 

526 




473,129.09 

?1 ^ flQI 
1 o,uy 1 .OO 








$ 


686,220.95 






1,993 


$ 


802,047.75 






130 


$ 


58,318.15 


Possession of Chattels Obtained by Licensee: 
(a) By Legal Process or Contract Right: 




4 


$ 


2,083.93 






49 


$ 


34,154.84 


(3) Other Chattels and Property . 




6 


S 


4,185.74 


(b) By Voluntary Surrender: 

(1) Household Goods .... 




10 


$ 


7,763.46 






66 


$ 


46,677.33 


(3) Other Chattels and Property . 




11 


$ 


4,861.17 


Sale of Chattels by Licensee: 
(a) With Borrower's Consent 


Number 
. 74 


Amount Due 
$42,934.88 




Amount 
Collected 
$14,849.22 


(b) Without Borrower's Consent . 


31 


$28,016.54 




S 9,447.11 



* The small loans ceiling was raised by legislation from $1,500 to $3,000 as of October 25, 1962. 
This exhibit reflects loans made between $1,500 and $3,000 since the effective date of this legislation. 



P.D. 95 
EXHIBIT F 

Consolidated Statement of Financial Condition, December 31, 1962 
(Total Loan and Finance Business) 



Assets 

Receivables : 

(a) Gross Amount $192,016,112.18 

(b) Less: Unearned Charges (30,194,847.20) 

(c) Less: Allowance for Bad Debts (4,997,064.92) 



(d) Net Receivables $156,824,200.06 

Cash in Office and in Banks 4,673,070.52 

Real Estate (Less Allowance for Depreciation-Bldg.) . , 337,305.40 
Furniture, Fixtures, Equipment (Less Allowance for De- 
preciation) 1,288,240.42 

Deferred Charges or Prepaid Expense 238,447.87 

Other Assets: 

(a) Organization or Development Expense ... $ 276,782.91 

(b) Cost of Financing 44,085.32 

(c) Investments 3,011,525.23 

(d) Miscellaneous Notes and Accounts Receivable . . 1,204,815.36 

(e) Miscellaneous 378,652.54 4,915.861.36 



Total Assets $168,277,125.63 



Home Office Assets Allocated to Massachusetts Licensees 7,071,984.72 



Total $175,349,110.35 



Liabilities and Capital 

Accounts and Notes Payable: 

(a) Banks $11,155,985.81 

(b) Due to Parent Company or Affiliate .... 48,965,261.79 

(c) Other Short Term Notes and Accounts . . 3,315,421.91 $ 63,436,669.51 



Bonds 3,393,891.02 

Long Term Notes 6,247,317.76 

Treasury Certificates 2,477,157.75 

Other Liabilities: 

(a) Accrued Expenses 537,296.25 

(b) Other Expense Reserves 2,448,049.33 2,985,345.58 

Branch Office Capital 59,896,170.82 

Net Worth (If Individual or Partnership) .... 115,683.04 
Capital Stock (If Corporation) : 

(a) Preferred 3,230,070.33 

(b) Common 9,944,479.99 13,174,550.32 

Paid in Surplus 4,011.054.05 

Appropriated Surplus or Capital Reserves .... 509,802.97 

Retained Earnings 12,029.482.81 

Total Liabilities and Capital $168,277,125.63 



Compensating Balances Included in Cash .... $ 1,737,786.35 
Compensating Balances Included in Home Office Assets Al- 
located to Massachusetts Licensees 5,219,348.18 

Total Compensating Balances Included in Assets . . . $ 6,957,134.53 



10 



P.D. 95 



EXHIBIT G 

Consolidated Statement of Income and Expense 
FOR THE Year Ended December 31, 1962 

(Total Loan and Finance Business) 

Gross Income 



Collections on Accounts Previously Charged Off . . . 233,155.68 * 
Other Income: 

(a) Gain on Sale of Assets 23,836.02 

(b) Income from Investments 37,608.41 

(c) Miscellaneous 363,864.87 

Total Gross Income $37,588,206.13 



Expenses of Conducting Business 

Advertising $ 1,084,020.61 

Auditing 118,642.62 

Bad Debts: 

(a) Charged Off $ 519,857.34 

(b) Addition to Reserve 2,481,547.73 3,001,405.07 

Depreciation of Furniture, Fixtures and Equipment . . 326,240.21 

Recording and Acknowledging Fees 11,828.24 

Insurance and Fidelity Bonds 114,820.49 

Legal Fees and Disbursements 284,045.64 

Postage and Express 238,151.89 

Printing, Stationery and Supplies 270,115.34 

Rent 1,137,867.80 

Salaries 6,683,862.39 

Supervision and Administration 550,328.78 

Taxes (Excluding Federal Taxes on Income) : 

(a) State Income 465,227.87 

(b) License Fees 123,800.06 

(c) All Other Taxes 378,020.69 967,048.62 

Telephone and Telegraph 773,345.95 

Travel 356,621.53 

Other Expenses of Conducting Business .... 1,030,897.91 

Total $16,949,243.09 

Total Home Office Expenses 2,275,189.57 

Interest on Borrowed Funds 5,641,560.78 

Total Expenses $24,865,993.44 

Net Earnings Before Federal Income Taxes .... $12,722,212.69 



Federal Income Taxes Paid or Accrued During the Calendar 

Year $ 6,455,277.55 

Total Expenses After Income Taxes $31,321,270.99 



Net Earnings After Income Taxes and Interest on Borrowed 

Funds $ 6,266,935.14 



No. 95 



Public Document 



^ e 



ANNUAL REPORT 

OF THE 

BUREAU OF LOAN AGENCIES 

FOR THE 
Year Ended December 31, 1963 

(^o^SS . Department of Banking and Insurance 
Division of Banks and Loan Agencies . 

JOHN B. HYNES 
Commissioner of Banks 




Publication op this Document Approved by Alfred C. Holland, State Purchasing Agent 
lM-8-64-938594 Estimated Cost Per Copy: $.315 



2 



P.D. 95 



flIomttuntmi?aItIj of iJlaHj0arl|itH?ttB 

jCi ' 

S BUREAU OF liOAK^AOENCIES 
Ninth Floor, 150 Causeway Street, Boston 

ANNUAL P.EPORT FOR THE YEAR ENDED DECEMBER 31, 1963 
(Pursuant to Provisions of Section 98 of General Laws, (Ter. Ed.) 
Chapter 140) 

To the Honorable Senate and House of Representatives 
of the Commonwealth of Massachusetts: 

General Laws, Chapter 140, Section 98, requires that "The Commissioner 
shall make an annual report and shall forward therewith a copy of such returns 
or so much thereof as he may deem necessary." 

The figures contained herein were compiled, as usual, by the process of add- 
ing together the individual reports filed by each licensee. These reports are 
executed on a form and in a manner prescribed by the division. The division 
vouches for the process of addition, the process by which the additions were 
arrived at following their filing — as the industry guarantees their accuracy and 
reliability as they were inserted in the individual reports. In some cases, as 
always, the reports were adjusted where they obviously were not executed in 
accordance with the instructions. In all such cases the licensee was notified and 
acknowledged the changes. 

As of December 31, 1963 there were three hundred and forty-two small loans 
licenses outstanding. 

During the calendar year, 1963, 322,908 loans of $3,000.00 or less amounting 
to $182,054,527.06, which is less unearned charges, were made. These figures 
represent a decrease of 2,039 in the number of loans made and an increase of 
$12,944,940.72 in the net amount of loans made during the previous twelve 
month period. 

The average net loan made for the period was $563.80. 

On December 31, 1963, there weie 306,842 regulated loans of $3,000.00 or 
less outstanding with a face value of $177,822,790.12, which includes unearned 
charges amounting to $29,870,520.62. These figaies represent an increase of 
3,847 in the number and $16,037,183.13 in the amount of net loans outstanding 
since the beginning of the calendar year. 

The average net loan outstanding on December 31, 1963 was $482.18 as 
compared with $435.37 on January 1, 1963. 

Gross income for the period totaled $34,784,270.62 of which $187,054.96 repre- 
sents recoveries on loans previously charged oflE and $273,777.56 represents other 
income. Operating expenses aggregating $14,945,166.16 include $2,245,890.35 of 
home office expenses; charge-offs on bad debts amounting to $571,361.62 and an 
addition of $2,036,749.80 to the valuation reserve combine to make a total ex- 
pense of $17,553,277.58 which deducted from gross income, leaves a balance of 



P.D. 95 



3 



$17,230,993.04, representing net earnings before deductions of interest on bor- 
rowed funds and federal income taxes. A net earnings figure of $6,038,482.83 
remains after deducting interest on borrowed funds amounting to $5,162,461.94 
and federal income taxes amounting to $6,030,048.27. 

As of December 31, 1963, the book assets amounted to $157,504,752.54. The 
cash in office and in banks amounted to $3,314,701.69 which includes $766,682.84 
in compensating balances. Home Office assets allocated to Massachusetts li- 
censees consist of cash of $5,111,454.67 and other assets of $1,142,947.92 making 
a total of $6,254,402.59. Compensating balances included in the allocation 
amount to $3,469,883.65, which when totaled will produce compensating balances 
of $4,236,566.49. Total assets as shown in Exhibit B less compensating balances, 
produce assets of $153,268,186.05. 

This Bureau does not consider compensating balances to be assets, and they 
are used here as a deduction of the liability. 

The figures included in the following schedules are compiled from Annual 
Reports to the Supervisor of Loan Agencies as represented by all licensed 
lenders. 

The reports of American Discount Corporation and Community Credit Corpo- 
ration were not used in the compilation of these figures due to unusual and 
extraordinary circumstances. 

All common assets and expense accounts are allocated on a formula established 
by this Bureau. 

Respectfully submitted, 
William P. Browne 

Acting Supervisor of Loan Agencies 
and Deputy Commissioner 

Approved: 
John B. Hynes 

Commissioner of Banks 



4 



P.D. 95 



TABLE OF EXHIBITS 



Exhibit A. Legislation. 

Exhibit B. Composite Statement of Assets 

(Loan Business of |3,000 or Less) . 

Exhibit C. Composite Statement of Income and Expense 
(Loan Business of $3,000 or Less) . 

Exhibit D. Analysis of Loans by Size 
(Loans of $3,000 or Less) . 

Exhibit E. Analysis of Loans by Types of Security 
(Loans of $3,000 or Less) . 

Exhibit F. Suits, Possessions and Sale of Chattels 
(Loans of $3,000 or Less) . 

Exhibit G. Consolidated Statement of Financial Condition 
(Total Loan and Finance Business). 

Exhibit H. Consolidated Statement of Income and Expense 
(Total Loan and Finance Business). 



Exhibit I. List of Licensed Small Loan Agencies. 



P.D. 95 



5 



EXHIBIT A 

LEGISLATION ENACTED RELATING TO LOANS AND CREDIT 
Acts and Resolves of 1963 



Chapter Amendment To: Description 

152 Resolve providing for an investigation 

(Resolve) and study by a special commission of 

the laws of the Commonv^ealth rela- 
tive to loans and credit. 

305 G.L., C.154, S.2 Providing that loans of less than three 

thousand dollars shall be subject to 
certain provisions of law regulating 
the validity of assignment of wages. 

646 G.L., C.140, S.114A Excluding banks from certain provisions 

of the law governing the making of 
loans of three thousand dollars or less. 



Regulations 

There are described below a regulation of the Commissioner of Banks and 
regulations of the Small Loan Regulatory Board promulgated during the calen- 
dar year 1963. 

August 27, 1963 Increasing the fee for a collection agency license issued 
pursuant to the provisions of section 24 of C.93, G.L., from 
$25 to $50, effective October 1, 1963. 



September 5, 1963 Governing hearings of the Small Loans Regulatory Board 
held pursuant to the provisions of section 100 of C.140, 
G.L. 



6 



P.D. 95 



ANNUAL REPORT TO SUPERVISOR OF LOAN AGENCIES 
For the Year Ended December 31, 1963 
(General Laws, Chapter 140, Section 98) 

EXHIBIT B 

Composite Statement of Assets, December 31, 1963 
(Loan Business of $3,000 or Less) 

Licensed Agencies 
342 



Receivables : 

(a) Gross Amount $177,822,790.12 

Cb) Less: Unearned Charges (29,870,520.62) 

(c) Less: Allowance for Bad Debts (4,402,539.57) 

(d) Net Receivables $143,549,729.93 

Cash in Office and in Banks 3,314,701.69 

Real Estate (Less Allowance for Depreciation-Building) . . 235,363.59 

Furniture, Fixtures, Equipment (Less Allowance for Deprecia- 
tion) 1,040,790.18 

Deferred Charges or Prepaid Expense 219,828.08 

Other Assets: 

(a) Organization or Development Expense . . . - $ 194,946.86 

(b) Cost of Financing 18,487.45 

(c) Investments 709,179.14 

(d) Miscellaneous Notes and Accounts Receivable . . . 1,740,674.06 

(e) Miscellaneous 226,648.97 2,889,936.48 

Total Assets $151,250,349.95 

Home Office Assets Allocated to Massachusetts Licensees . . 6,254,402.59 

Total $157,504,752.54 



Compensating Balances Included in Cash $ 766,682.84 

Compensating Balances Included in Home Office Assets Allocated 

to Massachusetts Licensees 3,469,883.65 

Total Compensating Balances Included in Assets .... $ 4,236,566.49 



P.D. 95 



7 



EXHIBIT C 

Composite Statement of Income and Expense 
FOR the Year Ended December 31, 1963 
(Loan Business of $3,000 or Less) 



Gross Income 

Charges Collected and/or Earned ....... $33,226,598.82 

Delinquency Charges Collected 1,096,839.28 

Collections on Accounts Previously Charged Off . . . , 187,054.96 

Other Income: 

(a) Loss on Sale of Assets (2,190.00) 

(b) Income from Investments 219,041.19 

(c) Miscellaneous 56,926.37 

Total Gross Income 

Expenses of Conducting Business 

Advertising 

Auditing ........... 

Bad Debts: 

(a) Charged Off $ 571,361.62 

(b) Addition to Reserve 2,036,749.80 

Depreciation of Furniture, Fixtures and Equipment . 

Recording and Acknowledging Fees 

Insurance and Fidelity Bonds 

Legal Fees and Disbursements ....... 

Postage and Express . 

Printing, Stationery and Supplies ...... 

Rent 

Salaries 

Supervision and Administration ....... 

Taxes (Excluding Federal Taxes on Income) : 

(a) State Income $ 504,870.85 

(b) License Fees 120,028.70 

(c) All Other Taxes 412,341.48 

Telephone and Telegraph 

Travel 

Other Expenses of Conducting Business 

Total 

Total Home Office Expenses 

Interest on Borrowed Funds 

Total Expenses 

Net Earnings Before Federal Income Taxes .... 

Federal Income Taxes Paid or Accrued During the Calendar 
Year 

Total Expenses After Income Taxes 

Net Earnings After Income Taxes and Interest on Borrowed 
Funds 



$34,784,270.62 

$ 1,056,245.29 
103,005.09 



2,608,111.42 

271,989.24 
5,917.88 
95,33"4.78 
263,393.81 
248,006.27 
194,984.62 
1,033,619.22 
6,018,768.03 
397,889.62 



1,037,241.03 

714,925.28 
298,942.54 
959,013.11 

$15,307, 3'87. 23 
2,245,890.35 
5,162,461.94 

$22,715,739.52 

$12,068,531.10 

$ 6,030,048.27 
$28,745,787.79 

$ 6,038,482.83 



8 



P.D. 95 



EXHIBIT D 

Analysis of Loans by Size 
(Loans of $3,000 or Less) 



Number Amount 

302,995 $131,914,786.37 

9,798 669,606.22 

42,714 6,055,421.86 

40,894 9,923, 3'17.90 

41,187 13,882,642.22 

37,086 16,471,970.07 

33,793 18,295,882.04 

68,918 52,301,590.18 

39,235 46,454,782.18 

9,283 17,999,314.39 

322,908 $182,054,527.06 

8,982 4,041,290.63 

8,653 3,916,339.62 

7,288 2,419,918.08 

— 163,722,076.86 



306,842 $ 147,952,269.50 



EXHIBIT E 

Analysis of Loans by Types of Security 
(Loans of $3,000 or Less) 



Number Amount 

Loans Made During the Period Based in Whole or in Larger Part on: 

(a) Chattel Mortgages on Household Goods 138,469 $102,954,233.19 

(b) Automobiles 21,158 14,3'53, 499. 77 

(c) Real Estate 365 533,564.69 

(d) Other Chattels 4,661 3,953,409.48 

(e) Unsecured Notes 147,881 54,504,746.71 

(f) Endorsed and/or Co-Maker Notes 9,497 4,732,343.61 

(g) Wage Assignments 31 25,283.10 

(h) Other Considerations 846 997,446.51 



Total Loan Balances Outstanding (Less Unearned Charges) at Be- 
ginning of Period .......... 

Loans Made During the Period: 

(a) Loans of $ 100.00 or less 

(b) Loans of $ 100.01 to $ 200.00 

(c) Loans of $ 200.01 to $ 300.00 

(d) Loans of $ 300.01 to $ 400.00 

(e) Loans of $ 400.01 to $ 500.00 

(f) Loans of $ 500.01 to $ 600.00 

(g) Loans of $ 600.01 to $1,000.00 

(h) Loans of $1,000.01 to $1,500.00 

(i) Loans of $1,500.01 to $3,000.00 

Total Loans Made During the Period 

Loan Balances Purchased During the Period 

Loan Balances Sold During the Period 

Loan Balances Charged Off During the Period 

Collections During the Period ........ 

Total Loan Balances Outstanding (Less Unearned Charges) at the 
End of Period ........... 



Total 322,908 $ 182,054.527.06 



P.D. 



9 



EXHIBIT F 

Suits, Possessions and Sale of Chattels 
(Loans of $3,000 or Less) 



Suits for Recovery: 


Number 


A 


mount Due 


(a) 


Pending at Close of Previous Period 


1,943 


$ 


793,888.08 


(b) 




2,193 


1,059,561.72 


(c) 


Total 


4.13'6 


$1,853,449.80 


(d) 


Judgment Secured During Period . 


1,242 




569,395.49 


(e) 


Settled Before Judgment During Period . 


579 




248,465.46 


(f) 


Total 


1,821 


$ 


817,860.95 


(g) 


Pending at Close of Current Period 


2,315 


$1,035,588.85 


Wage Assignments Filed During Period 


77 


$ 


83,162.06 


Possession of Chattels Obtained by Licensee: 








(a) 


By Legal Process or Contract Right: 














$ 


4,220.32 






61 


$ 


41,735.69 




(3) Other Chattels and Property . 




$ 


5,080.40 


(b) 


By Voluntary Surrender: 


11 


$ 


6,185.47 






109 


$ 


83,073.14 






19 


$ 


5,109.32 


Sale of Chattels by Licensee: 


Number Amount Due 




Amount 
Collected 


(a.) 


With Borrower's Consent .... 


85 $69,480.67 




$26,129.76 


(b) 


Without Borrower's Consent .... 


45 $34,522.65 




S;i3".958.96 



10 



I^D. 95 



EXHIBIT G 

Consolidated Statement of Financial Condition, December 31, 1963 
(Total Loan and Finance Business) 



Assets 

Receivables : 

(a) Gross Amount $209,566,567.50 

(b) Less: Unearned Charges (32,813.114.93; 

(c) Less: Allowance for Bad Debts: (5.274,906.03) 

(d) Net Receivables $171,478,546.54 

Cash in Office and in Banks 4,972,567.85 

Real Estate (Less Allowance for Depreciation-Building) . . 376,883.14 

Furniture, Fixtures, Equipment (Less Allowance for Deprecia- 
tion) 1,235,454.95 

Deferred Charges or Prepaid Expense 327,974.78 

Other Assets: 

(a) Organization or Development Expense .... $ 248,021.12 

(b) Cost of Financing 84,719.80 

(c) Investments 3,795,858.44 

(d) Miscellaneous Notes and Accounts Receivable . . . 2,058,650.33 

(e) Miscellaneous 303,631.13 6,490,880.82 

Total Assets $184,882,308.08 

Home Office Assets Allocated to Massachusetts Licensees . . $ 6,759,691.95 

Total $191,642,000.03 



Liabilities and Capital 

Accounts and Notes Payable: 

(a) Banks $12,553,701.65 

(b) Due to Parent Company or Affiliate 50,845,795.05 

(c) Other Short Term Notes and Accounts .... 7,443,260.55 $ 70,842,757.25 

Bonds 3,784,398.69 

Long Term Notes 6,910,602.98 

Treasury Certificates 2,451,199.16 

Other Liabilities: 

(a) Accrued Expenses ........ 683,3*56.65 

(b) Other Expense Reserves 2,418,016.17 3,101,372.82 

Branch Office Capital 65,153,606.86 

Net Worth (If Individual or Partnership) 472,118.50 

Capital Stock (If Corporation) : 

(a) Preferred 3,170,366.33 

Cb) 'Common 10,194,521.99 13,364,888.32 

Paid in Surplus 4,160,715.37 

Appropriated Surplus or Capital Reserves 487,377.19 

Retained Earnings .14,153,270.94 

Total Liabilities and Capital $184.882.3'08.08 



Compensating Balances Included in Cash $ 1,438,005.83 

Compensating Balances Included in Home Office Assets Allocated 

to Massachusetts Licensees 3,839,175.36 

Total Compensating Balances Included in Assets .... $ 5,277,181.19 



P.D. 95 



11 



EXHIBIT H 

Consolidated Statement of Income and Expense 
FOR THE Year Ended December 31, 1963 
(Total Loan and Finance Business) 

Cross Income 

Charges Collected and/or Earned $37,763,768.03 

Delinquency Charges Collected 1,237,971.62 

Collections on Accounts Previously Charged Off .... 243,953.55 

Other Income: 



(b) Income from Investments 3"24,465.83 

(c) Miscellaneous 170,221.33 

Total Gross Income $39,761,291.94 

Expenses of Conducting Business 

Advertising $ 1,132,955.97 

Auditing 145,821.33 

Bad Debts: 

(a) Charged Off $ 618,592.64 

(b) Addition to Reserve 2,607,458.70 3,226,051.34 

Depreciation of Furniture, Fixtures and Equipment . . . 324,998.28 

Recording and Acknowledging Fees 12,676.68 

Insurance and Fidelity Bonds 127,309.27 

Legal Fees and Disbursements 328,693.31 

Postage and Express 285,594.02 

. Printing, Stationery and Supplies 248,215.04 

Rent 1,160,635.68 

Salaries 7,208,885.42 

Supervision and Administration 470,3'24.33 

Taxes (Excluding Federal Taxes on Income) : 

(a) State Income 598,258.54 

(b) License Fees 123,897.12 

(c) All Other Taxes 472,050.12 1,194,205.78 

Telephone and Telegraph 830,356.39 

Travel 370,749.11 

Other Expenses of Conducting Business 1,223,367.15 

Total $18,290,839.10 

Total Hom.e Office Expenses 2,365.544.56 

Interest on Borrowed Funds 6,450,041.57 

Total Expenses $27,106,425.23 

Net Earnings Before Federal Income Taxes .... $12,654,866.71 

Federal Income Taxes Paid or Accrued During the Calendar Year $ 6,437,953.17 

Total Expenses After Income Taxes $33,544, J78.40 

Net Earnings After Income Taxes and Interest on Borrowed 

Funds $ 6,216,913.54 



12 



P.D. 95 



EXHIBIT I 



Licensed Small Loan Agencies 



Following is a list of those engaged in the business of making small loans in 
the cities and towns in Massachusetts and licensed as of June 1, 1964: 



Lie. So. 



Same 



Address 



BOSTON 

214 Auto Oift-ners Finance Company, Inc 20 Columbus Ave. 

53 Beatty, Charles S., Company 7 Water St. 

217 Bell Finance Cc 38 Chauncy St. 

63 Belmont Finance Company 333 Washington St. 

22 Beneficial Finance Co 77 Summer St. 

57 Beneficial Finance Co 80 Boylston St. 

117 Beneficial Finance Co 5 Bromfield St. 

239 Beneficial Finance Co 8 Winter St. 

66 Beneficial Finance Co 570 Columbia Rd., Dorchester 

231 Beneficial Finance Co :232A River St., Hyde Park 

204 Beneficial Finance Co 47 Poplar St., Roslindale 

235 Beneficial Finance Co 105 Dorchester St., South Boston 

240 Codman Square Finance Company, Inc 618 Washington St., Dorchester 

238 Coleman Acceptance Trust 18 Tremont St. 

89 Commercial Credit Plan Incorporated 150 Tremont St. 

328 Dover Acceptance Corp 126 State St. 

92 Family Loan Corporation of Massachusetts 295 Washington St. 

149 Family Loan Corporation of Back Bay 161 Massachusetts Ave. 

43 Family Loan Corporation of Dorchester 1457 Dorchester Ave., Dorchester 

192 Firemen's Finance Company. Inc 25 Huntington Ave. 

29 First Finance Corp. of Mattapan 524 River St., Mattapan 

278 Friendly Loan Corporation 21 Porter St., East Boston 

93 Goodmans Finance Co 20 Beacon St. 

16 Household Finance Corporation SO Boylston St. 

49 Household Finance Corporation 175 Tremont St. 

82 Household Finance Corporation 294 Washington St. 

202 Household Finance Corporation 59 Temple Place 

223 Household Finance Corporation 47 Winter St. 

143" Household Finance Corporation 598 Columbia Rd., Dorchester 

208 Household Finance Corporation 679 Canterbury St., Roslindale 

230 Kane Finance Company 520 Boylston St. 

315 Liberty Loan Company of Ailston 125 Harvard Ave., Allston 

102 Liberty Lean Company of Boston 30 Franklin St. 

226 Liberty Loan Company of Roslindale 15 Poplar St., Roslindale 

176 Local Finance Company 123A Tremont St. 

193 Local Finance Company of Boston 453" Washington St. 

320 Merit Finance Company, Inc 73 Tremont St. 

5 Nestor-Hall Company 7 Water St. 

15 Northeast Finance Corporation 1601 Blue Hill Ave., Mattapan 

247 Northeast Finance Corporation 1872 Centre St., West Roxbury 

330 Pan-American Finance Corp. of Boston 85 State St. 

83 Public Finance Company 333 Washington St. 

106 Public Finance Company 171 Tremont St. 

Ill Public Finance Company 145 Tremont St. 

200 Public Finance Company 308 Boylston St. 

216 Public Finance Company 79 Milk St. 

306 Public Finance Company 501 Washington St. 

305 Public Finance Company 1492 Dorchester Ave., Dorchester 

61 Public Finance Companv 230 Meridian St., East Boston 

184 Public Finance Company 1243 River St., Hyde Park 

218 Public Finance Company 4258 Washington St., Roslindale 

241 Seaboard Finance Company 138 Brighton Ave., Allston 

20 Seaboard Finance Companv 58 Winter St. 

145 State Loan Co 619 Washington St. 

126 Sute Loan Co. Inc 584 Columbia Rd.. Dorchester 

347 Sumner Finance Company 262 Washington St. 

319 Universal C. I. T. Credit Company 330 Stuart St. 

AGAWAM 

341 Universal C. I. T. Credit Company 324 Walnut St. 

AJVIESBURY 

345 Citizens Acceptance Corporation 41 Main St. 

ANDOVER 

98 Andover Finance Company Musgrove Bldg.. Elm Square 

ARLINGTON 

326 American Finance Corporation of Middlesex County 474 Massachusetts Ave. 

297 Universal C. I. T. Credit Company 11 Mystic St. 



P.D. 95 



13 



Lie. Xo. Name Address 



ATHOL 



162 Public Finance Company 516 Main St. 

ATTLEBORO 

48 Beneficial Finance Co 7 Park St. 

252 Blackstone Finance, Inc. of Attleboro 24 Park St. 

lo'O Public Finance Company 8 North Main St. 

182 Tri-Boro Finance Co. Inc. of Attleboro 98 Park St. 

BEVERLY 

237 Anierlcin Finance Corporation of Beverlv 269 Cabot St. 

181 Benetic.al Finance Co 222 Cabot St. 

318 Finance Associates of Beverly, Inc 263 Cabot St. 

BROCKTON 

253 Bell Finance Co 726 Crescent St. 

133 Beneficial Finance Co 196 Main St. 

84 Commercial Credit Plan Incorporated 228 Main St. 

194 Household Finance Corporation 172 Main St. 

299 Liberty Loan Company of Brockton 226 Main St. 

87 Local Finance Company of Brockton 95 Main St. 

104 Public Finance Company 142 .Main St. 

289 Seaboard Finance Company 158 Main St. 

190 Time Finance Corporation of Brockton 105 Mam St. 

BROOKLINE 

loO Beneficial Finance Co 269 Harvard St. 

141 Household Finance Corporation 1330 Beacon St. 

BURLINGTON 

222 Bell Finance Co 226 Cambridge St. 



CAMBRIDGE 

71 Beneficial Finance Co 519 Massachusetts Ave. 

134 Beneficial Finance Co 25 Prospect St. 

64 Household Finance Corporation 678 Massachusetts Ave. 

80 Household Finance Corporation of Cambridge 27 White St. 

296 Liberty Loan Company of Cambridge 684 Massachusetts Ave. 

159 Public Finance Company 2 Central Sq. 

242 Seaboard Finance Company 552 Massachusetts Ave. 

CHELSEA 

195 Beneficial Finance Co 375 Broadway 

309 Public Finance Company 438 Broadway 

CHICOPEE 

234 Beneficial Finance Co 272 Exchange St. 

233 First Personal Bankers, Inc 33 Center St. 

129 Household Finance Corporation of Chicopee 10 Center St. 

CLINTON 

109 Wachusett Finance Corp 70 High St. 

DANVERS 

132 American Finance Corporation of Essex County 2 High St. 

EASTHAMPTON 

3 Local Finance Company of Easthampton 57 L'nion St. 

EVERETT 

197 Beneficial Finance Co 411 Broadway 

51 Everett Loan Co. Inc 427A Broadway 

310 Public Finance Company 449 Broadway 

FALL RIVER 

23 Beneficial Finance Co 33 Bedford St. 

166 Cascade Finance Company 391 South Main St. 

165 Commercial Credit Plan Incorporated 364 Central St. 

220 Eagle Finance Company 226 South Main St. 

10 Fairway Finance Corporation of Fall River 124 South Main St. 

18 First Finance Corp. of Fall River 1451 South Main St. 

27 Household Finance Corporation 13 Borden St. 

12 Liberty Loan and Realty Co. Inc 204 Thomas St. 

209 Local Finance Company of Fall River 17 North Main St. 

45 M-A-C Loan Plan, Inc. of Fall River 314 South Main St. 

37 Public Finance Company 102 South Main St. 

39 Time Finance Corporation of Fall River 304 South Main St. 



14 



P.D. 95 



Lie. No. Name Address 



FALMOUTH 

288 Beneficial Finance Co 181 Main St. 

FITCHBURG 

32 Beneficial Finance Co 446 Main St. 

85 Fitchburg Finance Corporation 759 Main St. 

52 Household Finance Corporation 455 Main St. 

74 M-A-C Finance Plan, Inc. of Fitchburg 558 Main St. 

273 Public Finance Company 520 Main St. 

FRAMINGHAM 

173 Beneficial Finance Co 100 Concord St. 

178 General Finance Corporation of Framing:ham 129 A Concord St. 

260 Household Finance Corporation of Frarainghara 36-46 Concord St. 

254 Local Finance Company of Framingham 32 Union Ave. 

95 Public Finance Company 18 Union Ave. 

FRANKLIN 

36 Franklin Loan Co. Inc 32A Main St. 

GARDNER 

232 Beneficial Finance Co 47 Parker St. 

161 Public Finance Company Corner Pleasant and 

Parker Sts. 

GLOUCESTER 

59 Public Finance Company 144J/2 Main St. 

GREAT BARRINGTON 

38 Community Credit Corporation 312 Main St. 

21 Pioneer Credit Corporation 3"37-339 Main St. 

GREENFIELD 

146 Beneficial Finance Co 239 Main St. 

153 Guaranty Loan Co. of Greenfield 209 Main St. 

283 Household Finance Corporation of Greenfield 158 Main St. 

HAVERHILL 

335 American Finance Corporation of Haverhill 11 Washington Square 

105 Beneficial Finance Co 54 Merrimack St. 

346 Haverhill Finance Corporation 191 Merrimack St. 

261 Household Finance Corporation of Haverhill 91 Merrimack St. 

263 Liberty Loan Company of Merrimack 6 Main St. 

186 New England Finance Corporation 21 Merrimack St. 

120 Public Finance Company 181 Merrimack St. 

HOLYOKE 

40 Beneficial Finance Co 560 Dwight St. 

291 Credit Finance Corporation 380 High St. 

215 Holyoke Finance Corp 380 High St. 

245 Household Finance Corporation of Holyoke 349 High St. 

175 Public Finance Company 346 High St. 

HYANNIS 

76 Beneficial Finance Co 428 Main St. 

284 Household Finance Corporation of Hyannis 396 Main St. 

338 Local Finance Company of Hyannis 253 Main St. 

LAWRENCE 

118 American Finance Corporation of Lawrence 204 Essex St. 

147 Beneficial Finance Co 27 Amesbury St. 

277 Community Finance, Inc. of Lawrence 31 Hampshire St. 

189 Credit Finance Corporation of Lawrence, Mass 48 Amesbury St. 

262 Household Finance Corporation of Lawrence 380 Essex St. 

30 Local Loan & Finance Co. Inc 79 Common St. 

114 Public Finance Company 301 Essex St. 

25 Signet Discount Co 414 Essex St. 

LEOMINSTER 

148 Beneficial Finance Co 51 Main St. 

155 Leominster Finance Corporation 10 Monument Sq. 

58 Wachusett Finance Corp 44 Main St. 



P.D. 95 



15 



Lie. No. Name Address 

LOWELL 

101 Advance Finance Company 147 Central St. 

55 Beneficial Finance Co 76 Merrimack St. 

179 Beneficial Finance Co 97 Central St. 

279 Central Finance Service, Inc 19 Palmer St. 

J22 Commercial Credit Plan Incorporated 176 Church St. 

313 Fidelity Consumer Finance Corporation 40 Central St. 

312 First Finance Corp 813 Lakeview Ave. 

172 Household Finance Corporation 100 Merrimack St. 

301 Liberty Loan Company of Lowell 58 Central St. 

317 Lowell Finance Company, Inc 751 Merrimack St. 

269 Merrimack Valley Finance Company, Inc 32 Prescott St. 

14 Public Finance Company 2 Kearney Sq. 

LYNN 

314 American Finance Corporation of Lvnn 14 Central Sq. 

122 Beneficial Finance Co 22 Central Ave. 

154 Household Finance Corporation 341 Lnion St. 

295 Liberty Loan Company 31 Exchange St. 

19 Public Finance Company 29 Central Sq. 

229 Seaboard Finance Company of Lynn, Inc 17 Munroe St. 

41 United Insurance Finance Corporation 14 Central Ave. 

344 Signature Loan Company of Lynn, Inc 124 Market St. 

MALDEN 

321 Bell Finance Co 182 Highland Ave. 

103 Beneficial Finance Co 150 Pleasant St. 

107 Beneficial Finance Co 444 Main St. 

323 Commercial Credit Plan Incorporated 33" Dartmouth St. 

6 Household Finance Corporation 60 Pleasant St. 

152 National Finance Company, Inc 50 Pleasant St. 

72 Public Finance Company 5 Pleasant St. 

227 State Loan Co. Inc 482 Main St. 

MANSFIELD 

62 The Mansfield Finance Company, Inc 5 Old Colony Road 

MARLBOROUGH 

65 Beneficial Finance Co 186 Main St. 

171 Marlboro Finance Corp 217 Main St. 

MEDFORD 

199 Beneficial Finance Co 10 High St. 

188 Household Finance Corporation 11 Salem St. 

311 Public Finance Company 24 Riverside Ave. 

24 Public Finance Company 648 Fellsway Shopping Plaza 

MIDDLEBOROUGH 

250 Beneficial Finance Co 6 South Main St. 

MILFORD 

207 Beneficial Finance Co 145 Main St. 

140 Berardi Loan Company, Inc 240 Main St. 

255 Local Finance Company of Milford 179 Main St. 

110 Milford Finance Corporation 198 Main St. 

NATICK 

236 M-A-C Loan Plan, Inc. of Natick IIA West Central St. 

NEW BEDFORD 

44 Beneficial Finance Co 758 Purchase St. 

219 Beneficial Finance Co 1225 Acushnet Ave. 

3*36 Bristol Acceptance Trust, Inc 292 Union St. 

46 Community Plan Incorporated 558 Pleasant St. 

77 Household Finance Corporation 852 Purchase St. 

26 Luzo Corporation of America 139 Rivet St. 

228 Personal Financing Plan, Inc 634 Pleasant St. 

90 Public Finance Company 749 Purchase St. 

100 Seaboard Finance Company 71 William St. 

7 Wamsutta Finance Co. Inc 222 Union St. 

NEWBURYPORT 

150 Beneficial Finance Co 65 State St. 

9 First Finance Corp. of Newburyport 17 Green St. 

NEWTON 

303 Associates Consumer Finance Company, Inc 210 Boylston St. 

201 Beneficial Finance Co 313 Washington St. 

348 Brainerd Finance Company 1279 Washington St., West Newton 



16 



P.D. 95 



Lie. No. Name Address 



NORTH ADAMS 

151 Beneficial Finance Co 59 Main St. 

298 Fairway Finance Corporation of North Adams 42 Main St. 

307 Liberty Loan Company of Adams 14 Ashland St. 

42 M-A-C Finance Plan, Inc. of North Adams 15 Bank St. 

NORTH ATTLEBOROUGH 

54 Public Finance Company 31 N. Washington St. 

121 Tri-Boro Finance Company, Inc 11 S. Washington St. 

NORTHAMPTON 

264 Household Finance Corporation of Northampton 70 Main St. 

35 Local Finance Company of Northampton 159 Main St. 

113 M-A-C Finance Plan, Inc. of Northampton 142 Main St. 

NORWOOD 

196 Beneficial Finance Co 643 Washington St. 

282 Household Finance Corporation of Norwood 661 Washington St. 

158 Public Finance Company 705 Washingrton St. 

PALMER 

274 Guaranty Loan Co. of Palmer 366 Main St. 

PEABODY 

144 Household Finance Corporation of Peabody North Shore Shopping Center 

256 Local Finance Company of Peabody 70 Main St. 

324 Liberty Loan Company of Essex 2 Main St. 

PITTSFIELD 

88 Beneficial Finance Co 74 North St. 

230 Commercial Credit Plan Incorporated 25 First St. 

290 Community Credit Corporation 150 North St. 

265 Household Finance Corporation of Pittsfield 86 North St. 

185 M-A-C Finance Plan, Inc. of Pittsfield 51 North St. 

286 Pioneer Credit Corporation 30 North St. 

170 Public Finance Company 137 North St. 

4 Signature Loan Company of Massachusetts, Inc 237 North St. 

PLYMOUTH 

203 Beneficial Finance Co 25 Main St. 

333 Local Finance Company of Plymouth 20 Court St. 

QUINCY 

248 American Finance Corporation of Quincy 1419 Hancock St. 

136 Beneficial Finance Co 113 Parkingway 

75 Family Loan Corporation of Quincy 10 Chestnut St. 

180 Household Finance Corporation 1372 Hancock St. • 

304 Local Finance Company of Quincy 1388 Hancock St. 

116 Public Finance Company 67 Parkingway 

243' Seaboard Finance Company 1511 Hancock St. 

169 Time Finance Corporation of Quincy 1426 Hancock St. 

RANDOLPH 

340 Bell Finance Co 3"11 North Main St. 

REVERE 

246 Paul Revere Loan Association, Inc 236 Broadway 

ROCKLAND 

257 Local Finance Company of Rockland 257 LTnion St. 

SALEM 

294 American Finance Corporation of Essex County 16 New Derby St. 

137 Beneficial Finance Co 116 Washington St. 

183 Household Finance Corporation 75 Washington St. 

271 Public Finance Company 228 Essex St. 

56 State Loan Co. Inc 247 Essex St. 

SAUGUS 

198 Household Finance Corporation of Saugus 627 Broadway 

SHREWSBURY 

23 Public Finance Company 384C Maple Ave. 

349 Universal C. I. T. Credit Company Retail Stores Bldg., 

White City Shopping Center 



P.D. 95 



17 



Lie. No. Name Address 



SOMERSET 

225 Local Finance Company of Somerset 933 County St. 

SOMERVILLE 

33 Beneficial Finance Co 258 Elm St. 

96 Family Loan Corporation of Somerville 7 Davis Square 

177 Household Finance Corporation 249 Elm St. 

329 People's Finance Company of Boston, Inc 490 Broadway 

272 Public Finance Company 409A Highland Ave. 

211 State Loan Co. of Somerville 128 Dover St. 

SOUTHBRIDGE 

191 Morrison Finance Corporation 1 Elm St. 

187 Public Finance Company 284 Main St. 

SPRINGFIELD 

332 American Finance Corporation of Springfield 18 Vernon St. 

91 Associates Consumer Finance Company, Inc 19 Catherine St. 

50 Beneficial Finance Co 1277 Main St. 

73 Beneficial Finance Co 1">18 Main St. 

167 Commercial Credit Plan Incorporated 297 Bridge St. 

292 Credit Finance Corporation 163 State St. 

212 Guaranty Loan Plan of Springfield, Inc 1537 Main St. 

139 Household Finance Corporation 1431 Main St. 

125 Ideal Budget Plan, Inc 1421 Main St. 

86 Liberty Loan Company of Springfield 145 State St. 

343 M-A-C Finance Plan, Inc. of Forest Park 390 Dickinson St. 

8 M-A-C Finance Plan, Inc. of Springfield 50 Vernon St. 

60 New Method Finance Corporation 1688 Main St. 

142 Pioneer Valley Acceptance Corporation 1490 Main St. 

163" Public Finance Company 1570 Main St. 

281 Savoy, J. R., Finance Co., Inc 66 Vernon St. 

276 Seaboard Finance Company 1645 Main St. 

78 Springfield Acceptance Co 1250 Main St. 

STONEHAM 

266 Household Finance Corporation of Stoneham 83 Main St. 

STOUGHTON 

308 Local Finance Company of Stoughton 54 Porter St. 

TAUNTON 

81 Beneficial Finance Co 25 Main St. 

268 Blackstone Finance, Inc. of Taunton 6 Trescott St. 

70 Liberty Loan Company of Taunton 4 Cedar St. 

258 Local Finance Company of Taunton 3 Main St. 

67 Taunton Loan Co 28 Broadway 

WAKEFIELD 

237 Beneficial Finance Co 423 Main St. 

97 First Finance Corp. of Wakefield 43 Tuttle St. 

WALPOLE 

156 Wilson Finance Corporation of Walpole 940 Main St. 

WALTHAM 

135 Beneficial Finance Co 371 Moody St. 

79 Household Finance Corporation 33*3 Moody St. 

302 Liberty Loan Company of Waltham 6 Cushing St. 

123 Public Finance Company 389 Moody St. 

244 Seaboard Finance Company 24 Crescent St. 

WARE 

17 Guaranty Loan Co. of Ware 5 Bank St. 

WAREHAM 

267 Wilson Finance Corporation of Wareham Shoppers Plaza 

WATERTOWN 

334 American Finance Corporation of Watertown 34 Mt. Auburn St. 

325 Better Budget, Inc 8 Bigelow Ave. 

138 Fairway Finance Corporation of Watertown 2 A Mt. Auburn St. 



18 



P.D. 95 



Lie. Xo. Name Address 



WEBSTER 

164 Crown Finance Company, Inc 224 Main St. 

168 People's Finance Company, Inc 112 Main St. 

WESTFIELD 

112 Beneficial Finance Co 90 Elm St. 

108 Pioneer Loan & Finance Corporation 99 Elm St. 

285 Public Finance Company 38 Elm St. 

WEYMOUTH 

127 Household Finance Corporation of Weymouth 435 Washington St. 

275 Liberty Loan Company of Weymouth 15 Washington St. 

WHITINSVILLE 

339 Wilson Finance Corporation 159 Church St. 

WINTHROP 

342 Highland Enterprises, Inc 196 Hagman Road 

WOBURN 

128 American Finance Corporation of Middlesex County .... 347A Main St. 

205 Beneficial Finance Co 371 Main St. 

259 Local Finance Company of Woburn 341 Main St. 

WOLLASTON 

11 First Finance Corp. of Wollaston 43 Billings Road 

WORCESTER 

124 Associates Consumer Finance Company, Inc 19 Portland St. 

115 Beneficial Finance Co 32 Franklin St. 

157 Beneficial Finance Co 2 Foster St. 

270 Beneficial Finance Co ri25A Main St. 

331 City Finance, Inc 340 Main St. 

94 Commercial Credit Plan Incorporated 290 Main St. 

S27 Consumers Financing Service, Inc 8 Norwich St. 

337 First Finance Corp. of Worcester 74 Franklin St. 

131 Household Finance Corporation 545G Lincoln St. 

224 Household Finance Corporation 390 Main St. 

316 Household Finance Corporation of Worcester 1073 Main St. 

34 Italian Finance Company of Worcester 157 Shrewsbury St. 

251 Liberty Loan Company of Massachusetts 414 Main St. 

119 M-A-C Finance Plan, Inc. of Worcester 34 Mechanic St. 

221 M-A-C Loan Plan, Inc 3"32 Main St. 

210 New Method Finance Corporation 544 Main St. 

13 Public Finance Company 390 Main St. 

69 Public Finance Company 507 Main St. 

68 Seaboard Finance Company 263 Park Ave. 

249 Seaboard Finance Company 405 Main St. 

174 Signature Loan Company of Massachusetts, Inc 421 Main St. 

213 Time Finance Corporation of Worcester 496 Park Ave. 



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